| Each of the following are
examples of the types of loans we can provide to accomplish YOUR GOALS. We have begun the
list with common loan types and concluded with some of the more unique transactions we can
accommodate. Each of the loan types discussed
below carry their own unique underwriting guidelines, opportunities and limitations. It is
one of our primary objectives to fully explain the the nuances of your loan so that you
understand the consequences of your loan choice. |
| FIXED
RATE LOANS |
| A loan that has a
fixed interest rate over the life of the loan, e.g. 15-30 years.They are broken into two
basic categories, Conforming, up to $333,700, and Jumbo, in excess of $333,700. Conforming
interest rates are generally lower than jumbo and require complete income, asset and
credit documentation. Jumbo loans can be provided with full, limited or no documentation
except credit. It should be noted that conforming loan amounts can be funded on Jumbo
pricing according to the Jumbo loans' underwriting guidelines. |
|
| VARIABLE RATE LOANS |
| Variable rate loans
provide terms where in the interest rate/payment can adjust at predetermined intervals
over the life of the loan. There are always rate adjustments caps, limitations that
protect the borrower from excessive payment adjustments. There are two basic types of variable rate loans, Potential negative
amortization" and "Fully Amortizing". Potential negative amortization loans
are typified by interest rates that fluctuate monthly, payment caps at the adjustment
intervals and a life cap on the interest rate. Fully amortizing loans have a variety of
introductory periods from 6 months to 10 years.
Variable rate loans are generally written with an
amortization term of 30 years. There are a few loan products available, which are
amortized over a 40-year term. |
|
| BALLOON LOANS |
| These loans have either
Interest Only or amortized payments. At some prespecified point in time the remaining
principle balance is all due and payable.
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| SHARE LOANS |
| Loans secured by Stock in a
Residential Cooperative or an Ownership Certificate in a common interest subdivision. Both
fixed and variable rate loans can be available.
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| COMMUNITY
APARTMENT OWNERS ASSOCIATION LOANS |
| Better known as
OWN-YOUR-OWN Apartments, are limited at this time to Variable Rate loans.
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| CONSTRUCTION LOANS |
| Single Close, or Permanent
Construction loans are one of our specialties. These loans can be fixed or Variable Rate
loans. There is one closing that covers the construction of the property and fully
amortized permanent loan. |
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