PREFERRED MORTGAGE PLUS LOAN OPTIONS

Here are just a few of the loans we can do for you. We always seem to find a way to do a loan.

80/20MortgagesLoans

For an 80 / 20 loan program sometimes called a Piggy-Back, is a fixed rate program designed to help borrowers purchase a home with as little as 0% down while avoiding Mortgage Insurance. Not only does it save you money it also maximizes your taxed benefits.

80/10/10 MortgagesLoans

These mortgage loans are used to avoid Private Mortgage Insurance (PMI). You carry an 80% first mortgage and a 10% second mortgage with 10% equity.

80/15/5 MortgagesLoans

These mortgage loans are used to avoid Private Mortgage Insurance (PMI). You carry an 80% first mortgage and a 15% second mortgage with 5% equity.

Interest Only Programs

An interest only program is a fixed rate program designed to help borrowers purchase a home with as little as 5% down and minimizing your payment.

Adjustable Rate Mortgages (ARMS)

The interest rate on these mortgages adjusts every so often, using a common benchmark rate as means of calculating the change. They usually carry yearly and lifetime caps for rate increases and decreases.

Power Option Loan (This is are most Unique Program)

You Get 4 Payment Options everymonth in which you can choose from:

Minimum (based on 1%)
Interest Only
30 year
15 Year

No this is neat. You mean to tell me everymonth you can choose what payment you can make. The  answer is Yes.

Jumbo Loans

Any loans over $359,600 are considered Jumbo Loans. They usually carry a higher interest rate and 5% down.

2/28 Adjustable Rate Mortgage

This program is a 30 year adjustable program, except that the first adjustment does not occur until 2 years into the loan. At this point, adjustments are typically made every 6 months. Ask your lender about the frequency of adjustments, since some 2/28 loans adjust every year.

3/27 Adjustable Rate Mortgage

This program is a 30 year adjustable program, except that the first adjustment does not occur until 3 years into the loan. At this point, adjustments are typically made every 6 months. Ask your lender about the frequency of adjustments, since some 3/27 loans adjust every year.

1 Year Adjustable Rate Mortgage

This is a 30 year loan in which the rate (and therefore your monthly payment) changes every 12 months on the anniversary of your loan. The amount of the rate change (referred to as an Adjustment), is determined by a mathematical formula based on the U.S. bond market (most typically the yield on the 1 Year U.S. Treasury Bill). Your lender does not control this number, so it is safe to assume that your adjustment will be fairly determined (though you should always verify your new rate by comparing with published numbers).

This loan is considered quite risky since your payment may change significantly from year to year. In exchange for taking this risk, the borrower is rewarded with an initial rate that is significantly below market rates for 30 Year Fixed Rate Mortgages. Even after the loan adjusts, your new rates will typically be below those rates being offered to new borrowers for the 30 Year Fixed Rate program. In periods of rising interest rates, it is very possible that you will ultimately pay much more for a 1 Year Adjustable than a 30 Year Fixed Rate Mortgage.

3 year Adjustable Rate Mortgage

This is a 30 year loan in which the rate (and therefore your monthly payment) changes every 3 years. Like the 1 Year Adjustable Rate Mortgage, your new rate is calculated based on a predetermined formula. This loan, while risky, is safer than the 1 Year Adjustable Rate Mortgage only because it does not adjust as frequently.