FIXED RATE FULLY AMORTIZED MORTGAGE: The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower. Meaning loan payment by equal periodic payment calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.  Loan term options are usually; 10, 15, 20, 25, 30 or 40-year fixed mortgages.

ADJUSTABLE RATE MORTGAGE LOANS: A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.  Typically these rates are slightly lower than the 30-year fixed rate.  Many times the rate is fixed for a short period of time, 3, 7, 10-years, and then begins adjusting after the set fixed period.

INTEREST ONLY LOANS: An interest-only loan is a mortgage that allows the borrower to pay only the interest charged for a particular period. This makes for a considerable lower payment because the principal balance is not curtailed.

FIRST TIME HOME BUYER PROGRAMS: First Time Home buyer Programs are a great way for those buying their first home to get better rates, make smaller down payments, and buy more of a home. To minimize closing costs, many first time home buyer programs include financial aid.  This financial aid is also used in many cases to reduce the size of the down payment required.

HOME OWNERSHIP ACCELERATOR : Pay off your mortgage in half the time and save thousands in interest, with no change to your spending habits.

OPTION ARM / PICK-A-PAY LOAN: An adjustable rate mortgage that offers a choice of three indices and as many as four monthly payment options: 1. minimum payment; 2. interest only payment; 3. amortized payment on a 30-year schedule; and 4. 15-year payment amortization payment. The borrower can choose the type of payment they would like to make each month. One of the risks however, is that the pay-option arms have the potential risk for negative amortization. If left unpaid the deferred interest is added to the principle amount of the loan. Maximum deferred interest is allowed to as much as 115% of the loan’s original amount.  If the borrowers hit that amount they will be required to make an amortized payment.

CONSTRUCTION LOANS: A short term interim loan to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as he progresses. All-in-one construction loan available - no need to refinance after construction is complete.

LAND DEVELOPMENT LOANS: An advance of funds, secured by a mortgage, to finance the making, installing, or constructing of the improvements necessary to convert raw land into construction-ready building sites.

LAND PURCHASE LOANS: Available to lots and/or parcels of land with power, water source, sewer, and/or perc & mantle testing done.  Minimum of down 10% down payment required depending on borrower profile.

FIXED & EQUITY LINE 2NDS:  Available when borrower currently hold equity in a property.  A fixed 2nd loan with a term of 10,15,20,25 or 30-years. Or equity line whereas the borrower takes dispersements for the credit line and may pull from the line and pay back for a period of 10-years.  The loan then will be amortized after the 10-year period to begin paying down on the principle balance owed at that time.