Mortgage Programs | Mortgage Products

• Conventional Mortgage
• Sub-Prime or Non-Conforming Loan
• Second Mortgage Installment Loan
• "Heloc"
• Non-Owner Occupied Mortgage
• Construction Loan
  

Conventional Mortgage: A mortgage loan made by an institutional lender without the inclusion of government guarantees such as VA or FHA loans. These loans are secured by government sponsored entities such as Fannie Mae and Freddie Mac.

Sub-Prime or Non-Conforming Loan: A loan that is made to higher-risk borrowers as an alternative to conventional financing. "Higher risk" is usually dictated by credit risk of the borrower, the loan to value on the home, and the income style the borrower is using.

Second Mortgage Installment Loan: A loan that is a 2nd lien on your home that generally has a fixed interest rate. The money is given to the borrower in a lump sum and paid back in monthly installments over a set period of time.

"Heloc": A loan that uses the equity available in the property to create a "line of credit" that the borrower can draw upon at any time. This loan generally has variable rates and has a balloon payment at the end of the draw period for whatever balance is remaining.

Non-Owner Occupied Mortgage: A mortgage that is secured by a property that is owned but not lived in by the borrower. This type of loan will generally need a larger down payment to purchase and carry a higher interest rate compared to an owner-occupied mortgage.

Construction Loan: A loan that is done to finance the actual building of a home or building. In the past, it was normally a short term loan that is re-written into a conventional loan once the work is complete. A "One Time Close" construction loan is also an option to avoid having to go through two separate loan processes and avoid having to pay fees twice.