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First Mortgages

Payment Coupon View Rates

  • 10, 15, 20 and 30 year fixed rates available
  • Up to 97% loan to value with PMI (Private Mortgage Insurance)

Mortgage Loan Definitions:

Real Estate Loan - A loan transaction that places a lien against real property for the purpose of borrowing money.

Lien - A legal claim against a property that must be paid off when the property is sold.

Equity - The difference between the value of a home and the outstanding loan balance on the home.

Mortgage - A legal document that pledges a property to the lender as security for payment of a debt.

Principal - The portion of the monthly morgage payment that is used to reduce the loan balance.

Interest - The monthy cost to borrow money.

Loan to Value (LTV) - A percentage which is a result of the loan amount divided by the value of the property. 
     
PMI - Private Mortgage Insurance for loans that exceed 80% LTV, a conventional lender is required to add PMI to insure the loan amount against a loss.  The cost of this insurance is usually paid by the borrower.

Discount Points - Fees collected by a lender in exchange for a lower interest rate.  One point is equal to 1% of the loan. 

What you need to complete the application process: 

Document List

  1. Most recent paystub(s) reflecting at least 30 days of income for all jobs.
  2. Most recent 2 year's W-2's for all jobs.
  3. Complete, signed copies of last two years filed IRS returns with all schedules (not California return)
  4. Award letters for all social security, retirement, and permanent disability income. 
  5. If alimony or child support income is being used to qualify, a complete copy of the court order. 
  6. Last two month's complete statements (all pages) for all banking accounts.
  7. Most recent monthly or quarterly statements for all investment accounts and annuities.  
  8. Most recent mortgage statments (if refinancing).
  9. Current homeowner's insurance declarations page showing all coverages and deductibles (if refinancing). 
  10. Complete copy of purchase contract with all counter-offers and addenda (if a purchase) 

 

  Fixed Rate First Mortgage Adjustable Rate First Mortgage Home Equity Loan Home Equity Line of Credit
Loan Amount Up to 97% Financing N/A From $10,000 up to $750,000 From $10,000 up to $750,000
Interest Rate Interest Rate remains the same for the life of the loan N/A    
Term 10 year, 15 year, 20 year and 30 year N/A 15 years 5 years to draw, 15 years repayment
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