Loan Programs

Home Mortgage Purchase Loans

Purchase loans are for those who are seeking to buy a home. Mortgage loans in this category fall into adjustable-rates or fixed rates. Most home buyers go for fixed-rate mortgages with either the 15-year or 30-year plans. This allows the borrower to maintain the same interest rate over the set period of years. Adjustable-rate mortgages on the other hand can be quite risky since the interest rates can fluctuate to either save or cost the borrower money.

Home Improvement Loans

Funding needed to provide repairs or modifications to homes, usually fall into categories of home equity loans or (HELOC) Home Equity Line of Credit. HELOC allows the borrower to withdraw equity from an existing home property that is owned. The line of credit can depend on the value of the real estate property. A home equity loan is a loan that allows you to receive money in return for using the existing equity as collateral in case you fail to pay back the lender. Other uses for this type of loan include debt consolidation or to pay off major expenses.

Refinance Loans

A refinance loan allows you to swap your existing mortgage with a new one so that you may receive a lower interest rate, extra cash back, or to set a different payment term. This type of loan is similar to a second mortgage except no lien is added to the property.

Second Mortgage

A second mortgage, or junior lien, is a secured loan that is placed behind the existing first mortgage. The qualification process is similar to the what needs to be applied with refinancing a real estate property. Usually second mortgages are filed in order to receive a large sum of cash for variety of interests such as debt consolidation, education financing, or large home improvement projects.

"No Doc" No Document Loans

No Doc or No Document loans are provided for people who cannot easily prove their income on paper. All other criteria in the application must be met however, some sort of proof of being self-employed or business registration along with various income statements must be shown.