What is a mortgage?

A mortgage is conditional conveyance of property to a creditor as security, as for repayment of money.

When can a home loan help?

Restructure your debt and consolidate high interest bills into one low-interest loan that will save you hundreds of dollars on a monthly basis as well as increase your tax deductions.

One time cash needs for college tuition, medical expenses, business needs, or any other personal needs.

Refinancing your home to take advantage of currently lower interest rates and reduce the monthly payment, with or without longer payback schedule.

 

What is the best type of mortgage for me?

There isn't a single, simple answer to this question. The right type of mortgage for you depends on many different factors:

• Your current financial picture
• How you expect your finances to change
• How long you intend to keep your house
• And how comfortable you are with your mortgage payment changing from time to time.

For example, a 15-year fixed-rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. And an adjustable rate mortgage may get you started with a lower monthly payment than a fixed-rate mortgage -- but your payments could get higher when the interest rate changes.

There are many different loans available, please review this web site to see which best meets your needs. There are many more options available than are reflected on this web site, We will be happy to review these additional options with you and help you make the right financial decision.

What is the difference between conforming and Nonconforming Loans?

The most important difference between a loan that conforms to  and one that doesn't is its loan limit

Nonconforming loans (sometimes called jumbo loans) do not conform to the Fannie Mae/Freddie Mac guidelines. (Fannie Mae and Freddie Mac are the two private, congressionally chartered companies that buy mortgage loans from lenders, thereby ensuring that mortgage funds are available at all times in all locations around the country.) Fannie Mae and Freddie Mac will purchase loans only up to a certain loan limit (currently $275,000).

So, if your loan amount will be for more than the conforming loan limit of $275,000, you may be asked to pay a higher interest rate on your mortgage. Your mortgage loan may also follow slightly different underwriting requirements, particularly in regard to your required down payment amount.

What different types of mortgages are available?

We offer many types of mortgages. The most common is a 30-year fixed mortgage, however there numerous financing possibilities. You may find that an adjustable rate mortgage (ARM), FHA, VA or even a balloon mortgage is more suitable for your needs. Please click to learn more about the different financing options available for your individual situation.