What are the Basic Loan Types

There are many loan products designed to meet the borrowers individual criteria. Most of these products fall into a few basic loan types.

15-Year and 30-Year Fixed Rate

Payment and rate stay the same from start to finish

FHA Mortgage - 30 or 15 Year

Excellent fixed rate progam for First Time Homebuyers

3/1, 5/1 and 7/1 Adjustable Rate

Rate is fixed for the first 3, 5 or 7 years, then shifts to a one year adjustable rate mortgage (ARM). The starting rate is generally lower than a 30 year fixed rate mortgage.

VA Loans - 15 or 30 Year Loans

Available for qualified Eligible Veterans and Active members of the US Armed Forces

Which Program is best for me?

Here are a few things to keep in mind when selecting a loan program.

Common Questions

The following may help in answering some of your questions.

How long does the loan approval process take?

Generally, within a matter of minutes! At which point, I will provide you with a letter of commitment detailing the terms of your loan approval.

What about prepayment penalties? Do your loans have prepayment penalties for early payment?

Only if you want one! Seriously, typical Conventional and Government mortgages do not have any penalties for prepayment of the loan - you can make partial prepayments or pay the loan in full without penalty at any time.

Will you attend the closing? Is there anyone there to help answer questions should the need arise?

In most cases, I do attend my closings...just in case there are any last minute questions. Although by the time you get to closing, everything is totally done - no last minute surprises. However, I prefer to oversee the entire process from the beginning until the last document is signed and you have the keys to your new home in hand!

Additional Comments

I have a wide array of custom financing programs - each designed to meet individual needs - and, I will personally underwrite your loan.  If it can be done...I'll make it happen!