It is important that you understand the features of your loan program and that the program meets your financial needs. Your Loan Officer can assist you in that determination

You may be given an option to take a prepayment penalty on your loan. Ask your Loan Officer about the benefit in terms of whether the prepayment penalty will reduce your interest rate, margin or fees and always request a quote with and without a prepayment penalty.

Fixed-Rate Mortgage (40-, 30- and 15-Year Fixed)
We offer to our borrowers the choice of 40-, 30-, and 15-year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change.

Our company also provides an interest-only option for the 30-year fixed product, allowing you to pay interest only in the first 10 years and fully amortize over the remaining 20 years. This option will be more costly as you are paying interest on the total loan amount for the first 10 years. Additionally, if you have mortgage insurance, you will pay mortgage insurance for a longer period of time. Finally, the principal balance will not be reduced unless you pay more than interest only amounts during the first 10 years.

The 15-year fixed mortgage is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate — and you'll own your home twice as fast and pay less interest than with a 30-year mortgage. But with a 15-year loan, you commit to a higher monthly payment.

Adjustable-Rate Mortgages (3/1, 5/1, 7/1, and 10/1 ARM Programs)
An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.

Our 3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. Our ARMs are among our most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate.

Reverse Mortgages
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free funds— without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home. You should consult your tax advisor for more details on the tax savings of a reverse mortgage.

Customer/Consumer Benefits:

• Pay off existing liens or mortgages − eliminate monthly obligations
• Provide additional monthly income for medical expenses and home repair
• Create a cash reserve for emergencies or special needs
• Can be used for estate planning and wealth management

Features:

• Borrowers retain full ownership of their home
• No income, asset, or employment requirements
• No monthly payments required.
• Repayment is not required until the last remaining borrower passes away or no longer occupies the property as his/her primary residence
• Proceeds are tax-free funds that can be payable as monthly payment, lump sum, line of credit, or any combination of these options (depending on the program selected)
• Loan origination and closing costs may be financed into the loan
• Borrower(s) will never owe the lender more than the appraised value (as determined by an approved appraiser) of the home
• When the loan is repaid, all remaining equity will go to the borrower or his/her heirs

We offer three types of reverse mortgage loans.

Home equity conversion mortgages (HECM) are insured by the U.S. Department of Housing and Urban Development (HUD). They are widely available, have no income requirements, and can be used for any purpose.

Home Keeper® is Fannie Mae's conventional market alternative to the HECM. It is a government-sponsored enterprise program and works like a HECM loan in many ways. However, a Home Keeper® reverse mortgage addresses a few needs that are not met by HECM loans, such as those of individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home.

Cash Account Advantage is a private loan unique to our company. This program requires no income verification. There’s virtually no limit on home value or the amount of the loan, meaning this program may offer a substantially higher amount of money available than with other reverse mortgage options. Depending on the program you choose, there may be no upfront fees or closing costs, and there are several loan options within this program. .

FHA Loans
We offerresidential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.

VA Loans
The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and guaranteed by the U.S. Veteran's Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.