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Loan Term Options

30 Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

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8-29 Year Custom Term Fixed Mortgage

Unlike the traditional 15, 20, 25, 30 Year Fixed Mortgages, you can actually pick your preferred loan term. So for example if you have 22 years left on your mortgage and you want to refinance your mortgage to lower your interest rate or take cash out, rather than stretching out to another 30 year term Mortgage you can refinance to a 22 year loan term so that you stay on pace to pay off the mortgage in 22 years.

15 Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

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Hybrid ARM (3/1, 5/1 ARM, 7/1 ARM, 10/1 ARM)

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Loan Programs

Conventional
A conventional loan is a mortgage that is not backed by any Government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Conventional loans meet the lending requirements of Fannie Mae and Freddie Mac, the two largest buyers of mortgage loans in the US.

VA
VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). The VA Home Loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit.

JUMBO
A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

Interim (New Construction)
Interim financing. A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing.

Commercial Loan
A commercial loan is a debt-based funding arrangement between a business and a financial institution such as a bank. It is typically used to fund major capital expenditures and/or cover operational costs that the company may otherwise be unable to afford.

FHA
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans.


USDA
The USDA loan is a zero-down mortgage option available to a large portion of the United States. USDA loans are made by private lenders and guaranteed by the U.S. Department of Agriculture (USDA). They are offered to home buyers in less industrialized areas as a way to boost home-ownership in rural areas.


Investor Cash Flow
The Investor Cash Flow Mortgage allows cash flow on the subject property to be used to qualify for the new loan. No tax returns or employment information required.



One-Time-Close (New Construction)
Single Close means one loan – start to finish. ... When construction is complete, the loan converts to a permanent mortgage loan

 Agricultural Land Loan (Zoned AG)
National Agriculture Farm Loans. FSA makes direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender.

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