Loan Programs

Loan Programs

There are many loan programs available. We've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs

Loan Programs Characteristics - Fixed-Rate Mortgages - 10 to 30 year terms

Interest rate does not change.
Principal and interest (P & I) does not change.
Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term.
Different loan terms are available (15- and 30-year terms are most popular).
The shorter the term, the faster equity is built and the loan is paid off.

Fixed-Rate Balloons

P & I payment and interest rate do not change.
Regular monthly P & I payments are based on 30-year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years.
Interest rate is typically less than fixed-rate loans.
Most borrowers anticipate refinancing or selling prior to the end of the balloon term.

Fixed-Rate with Temporary Buydown

Borrowers or the seller may pay to temporarily "buy down," or lower, the interest rate.
Decreased interest rate reduces the monthly payment.
Lower interest rate may help borrowers qualify more easily; qualifying factors may vary.
Interest rate/payment is typically reduced for 1, 2 or 3 years

Adjustable-Rate Mortgages (ARMs)

There is potential for the interest rate/ payment to fluctuate.
ARMs transfer to borrowers a portion of the risk associated with a changing economy.
In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages.
The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.

Refinance - Find out if now is the right time to refinance! You may be able to lower your monthly payments or reduce the time it takes to pay off your loan. Here are some important reasons to consider refinancing:
Get a lower mortgage rate and reduce interest costs.
Convert an adjustable rate mortgage to a secure, fixed-rate mortgage.
Consolidate your first and second mortgages into a mortgage with a lower rate.
Pay off installment debts and credit cards.

The advantages we offer for your refinancing needs include:
Low rates
Easy online application
All types of mortgage programs
Guidance and advice from an experienced loan professional

This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only.
Disclaimer:
This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the house to met LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Terms of the loan may be subject to payment of points and fees by the applicant. NMLS# 220934

Website Disclaimer:
Pursuant to the requirements of section 157.007 of the Texas Mortgage Banker Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: Complaints regarding a Licensed Residential Mortgage Loan Originator should be sent to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. A toll-free consumer hotline is available at 1-877-276-5550. The Department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of Licensed Residential Mortgage Loan Originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the Department prior to the payment of a claim. For more information about the recovery fund, please consult the Department’s website at: WWW.SML.TEXAS.GOV

As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580

Rick Baron NMLS#220934

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