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Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
We help our clients make the steps smoother because we are with you every step of the way –from application to closing, we're here to make the process work for you.
Whether you're ready to purchase a new home, or you're interested in refinancing your current property with home renovation, Imperial Hope Financial gives you flexible options for your unique situation.
The 3 Types of Mortgage Loans:
All three types include five (5) Property forms. From Single Families, Multi Families, Condominiums, Town Houses and Manufactured Homes.
Single Families, Multi Families, Condominiums, Town Houses and Manufactured Homes are all categorized into three (3) parts of use i.e. Primary Residence, Vacation Home or Investment Home.
Mortgage Loan Programs
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
Some of the Basics of Mortgage lending include:
Glossary of Mortgage Terms
Private Mortgage Insurance (PMI)
There are 5 Steps to a Mortgage Loan Process:
Find Out How Much You Can Borrow - The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking.
By answering a few simple questions, your buying power will be calculated based on standard lender guidelines.
Select the Right Loan Program for You - Adjustable Rate Mortgages (often called ARMs) typically last for 15 or 30 years, just like fixed rate mortgages. But during those years, the interest rate on the loan may go up or down. Monthly payments increase or decrease.
Apply for the Loan - Fill out an application form for the Loan you are seeking.
Begin Loan Processing - Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given.
If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.
Close the Loan - After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised.
Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.
Contact us today to get loans and credit lines for your business, even when banks say “no”.