Learning Center

Loan Types

• NIV
  
  Choosing this type of loan can give you up to 95% of the loan amount with out any income verification.
  
  
• NINA
  
  A NINA can get you up to 90% of the loan amount with any documentation, No income No assets.
  
  
• Interest Only
  
  Get an interest only loan with fixed terms of up to 10 years, great for low monthly payments.
  
  
• Fixed Rate Mortgages
  
  The most common type of mortgage program where your monthly payments for interest and principal never change.
  
  
• Adjustable Rate Mortgages (ARM)
  
  This type of loan begins with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
  
  
• Standard ARMS and the difference
  
  Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.
  
  
• Introductory Rate ARM's
  
  Most ARM's have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.
  
  
• Reverse Mortgages
  
  A special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance other needs.
  
  
• London Inter Bank Offered Rate (LIBOR)
  
  LIBOR is the rate on dollar-denominated deposits, also known as Eurodollars traded between banks in London.
  
  
• Balloon Mortgages
  
  Short term mortgages that have some features of a fixed rate mortgage.
  
  
• Interest Rate Buy Downs
  
  The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
  
  
• Cost of funds index (COFI)
  
  The ratio of the dollar amount paid in interest during the month to average dollar amount of the funds for that month constitutes the weighted average cost of the funds ratio for that month.
  
  
• Graduated Payment Mortgage (GPM)
  
  With a GPM the payments are usually fixed for one year at a time.
  
  
• FHA Stream line Refinance
  
  FHA has created a rate reduction program called the streamline refinance. This will provide a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket expense. These loans can also be completed in less time and with less documentation than a typical loan.
  
  No Appraisal
  
  No Credit Underwriting
  
  No Qualifying Debt Ratios
  
  No Credit Checks
  
  No Income Verification
  
  No Face to Face Application