Interest Rates:
Interest rates on Residential loans are determined by the borrower's credit, income, property condition, and the financial markets. Many loans meet the normal conventional rate guidelines, however those loans where the borrower has less than perfect credit have higher interest rates. Lets make one thing perfectly clear, in most cases we pass our Wholesale rates directly on to our borrowers. With the borrowers knowledge and consent we can increase the interest rate to receive funds back from the Lender to help pay some of the borrower's expenses and costs.
Purchase:
Our purchase programs are available with down payments from 3% to 20% and up. In addition, all borrowers credit is graded, and we have loans for A++ credit through D- credit. (D- credit means that the borrower is currently in bankruptcy or foreclosure proceedings). In fact, over 40% of all the loans we do are for borrowers with less than perfect credit.
Re-Finance:
A re-finance loan is where the borrower is already on title, or owns the home (with or without a mortgage), and wants to get a new mortgage. This new loan can be for the amount of the current mortgage plus some of the costs (called a rate & term), or it can be for a higher amount resulting in the borrower receiving additional cash from the loan proceeds (called a cash out). Just as for purchase loans, we have loan programs for all credit grades. We do many loans where we take cash out of the borrower's home to pay bills and repair credit.
Equity Lines of Credit:
These loans are exactly what the name implies, lines of credit. This means that you have money available to you to borrow if and when you need it. The maximum loan amount is determined when the loan closes, and you can draw funds as you need them up to the loan limit. Monthly payments can be determined each month by the borrower and can vary from interest only to paying in full each month. The average term of the loan is 10 - 20 years. As the loan is secured by the equity in your home, these are generally the most inexpensive form of a credit line. We have credit lines that allow you to borrow all the equity in your home if you desire.
Second Mortgages:
With these loans, the borrower receives the full amount of the loan when the loan closes, has a fixed payment each month that will pay off the loan within the agreed upon time period, generally 10 - 20 years.
Construction Loans:
Generally two loans in one. The first loan is for the actual construction, is paid out as construction is completed and the borrower only pays interest on the funds released. When construction is completed, the loan roll into a regular 15 or 30 year loan.
Manufactured Home Construction:
A construction loan for the site improvements, purchase, placement and finish work of a manufactured home on real property. Similar to a regular construction loan.
Manufactured Home in Park:
For the purchase or refinance of a manufactured home located in a park on rented space.
Land loans:
Our land loans are designed for a Borrower to purchase land, generally up to 5 acres, with the goal of building a home on the property in the near future.
