Mortgage Loan Information

We realize that real estate purchases and sales can be a complex and stressful process. Gathering facts and knowing clearly what your options are will help smooth the way, and may help save you money in the process.

We believe that home buyers should have information about the mortgage process so they understand the procedures and costs.

Below is a description of the four types of real estate loans available: FHA, VA, Conventional and Jumbo loans:

FHA

These loans are insured by the Federal Housing Administration and permit buyers to finance some of their closing costs, thereby reducing the amount of cash that you need to buy. This loan is very popular for first time home buyers. Anyone can use the FHA loans. FHA loans are very popular with first time home buyers.

VA

These loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. This loan requires no down payment and the seller can pay up to 100% of the buyer's closing costs. The VA mortgage loan is the best loan on the market but limited to eligible borrowers.

Conventional Conforming

These loans conform to the Fannie Mae guidelines for eligibility, meaning that, on average, the buyers may devote up to 28% of their before tax income to housing. These loans require a down payment of at least 5%. You can also obtain 100% financing with conventional loans. In exchange for a slightly higher interest rate, the lender will lend you money with no down payment and will even pay your closing costs. The higher interest rates are deductible and are often a good buy for folks with good income, good credit and little cash.

Jumbo Loans

We work with lenders who specialize in the Jumbo or Portfolio loans for special people like you who are in the luxury home market. You will not have to lift a finger. Our lenders will communicate and process your loan by electronic means or, if you are local, will meet with you at your convenience in your office or home. Loans up to over several million are available and special long lock loans, up to 9 months, are also available. This may be important if you decide to build and it appears that rates may be on the increase. We follow loan programs with long term locks, float-down features, short term locks, fixed, ARMs, no-documentation or low documentation loans, or any type that is best for you. We have Jumbo Loan lenders with rates of up to 1/2 % lower than market. We can save you real money on your Jumbo loan and it is a local company.

A Comparative Market Analysis (CMA) is essential to determine the value of residential property. Location and characteristics of the property are the key elements in determining value. Therefore, the basis for valuation is similar properties in your area. The market analysis takes into account the amount received from recent sales of comparable properties and the quantity and quality of comparable properties currently on the market. The desired end result is to find a price that will attract a willing and able buyer in a reasonable time.
 

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