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The Mortgage Market offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Fixed Rate Loans
Adjustable Rate Loans
100% Financing
Jumbo Loans
40 and 50 year Fixed Loans
Option ARM's
Interest Only loans
Alternative Documentation Loans
Credit Challenged Loans
and many more options

Fixed Rate Loans

This loan is fixed for a predetermined number of years ( usually 15 or 30 years ). Predictability is the big plus this loan. You know exactly how much interest you will pay over the term of the loan. The total monthly payment of principal and interest is fixed, and in early years it consists primarily of tax-deductible interest.

Mortgages without prepayment penalties permit you to shorten the term of the loan at will -- and lower ultimate interest cost -- by making periodic payments against principal.

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
6.25%1%6.541%
 

Interest on fixed rate mortgages can sometimes be higher than the initial rate on adjustable-rate loans. If you choose a low-down-payment loan, you may have to pay for mortgage insurance -- an added monthly expense that protects the lender from risk of loss.


Adjustable Rate Loans

An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.

An adjustable rate mortgage can be fixed for 1 month, 2 years, 3 years, 5 years, or 7 years. After that initial fixed period the rate can change.

 

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
5.875%1%5.135%
 

An Adjustable Rate Mortgage can be a cheaper loan in the long run than a fixed rate mortgage, but it is not always.  Before deciding on an adjustable rate mortgage, you should understand the terms for your particular mortgage, and be comfortable with them.  You should know that even if your mortgage does adjust upward ( which is very possible ) , that you could still afford the payment.


100% Financing
Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
6.125%1%6.414%
 

Providing 100% financing of the purchase price of your home, this mortgage is specifically designed for homebuyers who have limited available cash, but good credit.  The rate can be fixed or adjustable.  With 100% financing you normally have to pay a monthly mortgage insurance payment. This can be added directly to your mortgage payment.  There are some 100% mortgage programs available without the mortgage insurance.


Jumbo Loans

Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are above this maximum loan amount, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.

 

Term: 30 years   Maximum Amount: $15,000,000
RatesPointsAPR
6.5%1%6.795%

40 and 50 year Fixed Loans

These are fixed rate loans with the term streched out over a longer term in order to make the monthly payment a little bit lower than on the more common 30 year fixed programs.

Just as on the 15 and 30 year fixed loans, one without a prepayment penalty will allow you to pay down your loan whenever you like.

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
6%1%6.25%
 

In general, the longer a loan is ammortized over, the higher the interest rate is.

Also, many loans ammortized over a 40 or 50 year period will have a balloon at the end a 30 year period.

 


Option ARM's

With an Option ARM, you can choose from up to four payment choices each month—which gives you the flexibility to change your mortgage payment as your needs change.

The four option are:

1. Minimum payment - which does not cover interest owed and causes loan amount to grow          larger.

2. Interest only payment - covering only the interst owed for that month

3.  Fully ammortized payment - covering the principle and interest required for that month to pay the loan off with 360 payments

4. 15 - year payment - covering the principle and inteest required for that month to pay the loan off with 180 payments.

 

Term: 30 years   Maximum Amount: $417,000
 

Pay option mortgage rates can be fixed for the life of the loan, or for a predetermined amount of time, adjusting after that predetermined amount of time.


Interest Only loans

In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a convential mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. The period in which the borrower only pays interest is usually either 5 or 10 years.  With most interest-loans, a borrower can pay principle if they want to, they just do not have to.  After the interest-only period is over, the loan payment is calcualated according to how much is left on the loan at the time, and how much time is left to pay the loan off.  The new payment (figured after the end of the interest only period ) is usually higher than the interest only payment was.

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
6.25%1%6.541%
 

The rate on an interest only loan is usually higher than a conventional loan where priciple and interest are required each month.


Alternative Documentation Loans

Alternative documentation loans can be stated income, stated or verified assets, no ratio and no doc loans.  These can be good for people who are self employed, paid on commission, have bonus income, claim a lot of tax deductions, or for borrowers who are receiving another form of income that needs to be stated (and cannot be verified). 

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
6.875%1%7.177%

Credit Challenged Loans

With the recent changes in the mortgage industry, it has gotten harder to get approved for a mortgage than it used to be.

Still there are many programs still available for those with less than perfect credit.  People with recent bankrupcy, foreclosures, or collections may be interested in looking at one of these programs.  These credit challenged loans very often carry prepayment penalties, but can be obtained without them.  The borrower must review the terms of these loans carefully.

 

Term: 30 years   Maximum Amount: $417,000
RatesPointsAPR
7.5%1%7.814%

and many more options



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.