Conventional
Many people start out with an adjustable rate mortgage because
the payments are very low at first. However, if they keep them
long enough they can end up paying too much. After an ARM is
for 2 or 3 years old, it may be adjusting to as high as 9.0%
in today's rate environment. You don't have to accept this rate
increase.
Our "No-Cost" program will lower your rate at no cost
to you. We pay all of the closing costs: title fees, appraisal
fees, and credit report fees. There are no loan fees or prepayment
penalties, and nothing is added to your loan balance.
This is a true "can't-lose" situation for you as a
homeowner. You get the benefits of a lower interest rate of
while incurring no costs to refinance. In many cases you can
actually tap into the valuable equity that you have accrued
on your home by taking "cash-out" in the refinance.
VA
These loans are made by a lender, such as a mortgage company,
savings and loan or bank. VA's guaranty on the loan protects
the lender against loss if the payments are not made and is
intended to encourage lenders to offer veterans loans with more
favorable terms.
The amount of guaranty on the loan depends on the loan amount
and whether the veteran previously used some entitlement. With
the current maximum guaranty, a veteran who hasn't previously
used the benefit may be able to obtain a VA loan up to $203,000
depending on the borrower's income level and the appraised value
of the property. The local VA office can provide more details
on guaranty and entitlement amounts.
Non-Conforming
Non-conforming loans, simply put, are mortgage loans for borrowers
whose situations do not "conform" to strict Fannie
Mae/Freddie Mac underwriting guidelines. Credit guidelines are
more liberal than those encountered in any other type of financing.
In other words, applicants with "less than perfect"
credit should not be discouraged. There is opportunity for home
ownership for everyone.
Equity Lines
A home equity line of credit loan is a credit line secured by
your real estate. Equity lines work like a revolving credit
line - you use the money, pay it back, then use the money again.
Generally, you are given a book of checks to write against the
line. The amount of your credit line is based on the amount
of equity you have in your home and the guidelines set by the
specific lender you choose. Home Equity credit line products
are probably the most diverse - each lender has their own specific
guidelines and limitations. Line of credit products usually
work best for people who intend to pay the loan back quickly
or who need extremely low payments for a shorter period of time.
Below we have highlighted some of the differences between a
line of credit and a more traditional mortgage including how
you repay the loan, qualifying and processing, and how your
loan amount is determined. We have also included a list of advantages
and disadvantages.
Second Mortgage
A second mortgage offers a tax deductible loan with no equity
required. Financing is available up to 125% of value, receive
quotes and details from lenders specializing in second mortgages.
A second mortgage does not require you to have equity in your
home, with loans up to 125% of the value. Pay off your bills,
make home improvements, or receive cash out for any purpose.
A fixed rate second mortgage is a simple interest loan which
is placed in second position on the property title, and does
not change the terms of your existing first mortgage.
A new second mortgage can provide a tax deductible source of
funds to consolidate debts and reduce your monthly payments.
It's estimated that you can save three times more on a fixed
rate, simple interest second mortgage than paying credit cards
with high compound interest.
The interest portion of second mortgage payments can be tax
deductible. The tax savings can be substantial when compared
to paying on other non-deductible debts.
FHA
The Federal Housing Authority (FHA) was created by the National
Housing Act of 1934 to help revive and stabilize a housing market
devastated by the Great Depression and the breakdown of the
banking system. It did so by providing federally backed mortgage
insurance, first for construction loans and then long term mortgages.
By meeting credit history and down payment criteria established
by FHA, a borrower can obtain a 20 year fully amortizing mortgage
loan.
The Department of Housing and Urban Development (HUD) authorizes
the Federal Housing Authority (FHA) to insure lenders against
foreclosure loss for any residential mortgage that does not
exceed Congressionally set loan amounts.
Commercial
We see opportunities that others don’t. At Horizon Mortgage, we’ve
designed our Commercial Origination Program for customers who
are not well served by traditional banks, life companies or
conduits. We specialize in financing out-of-favor or difficult-to-finance
real estate properties, such as hospitality, assisted-living
and unanchored retail; turnaround properties with temporary
cash-flow deficiencies; odd property types including rooming
houses, marinas, bars and restaurants; and deals that require
subordinate financing. Of course, we finance traditional
income producing property types, but we focus on transactions
where there is a bit of a story on the deal or the borrower
is in need of a fast closing. We close most of our loans in
two to three weeks, under 10 days if necessary. We are able
to accomplish this because we do not have excessive layers
of management and bureaucracy, we are accustomed to seeing
outside the box deals and are able to make decisions quickly.
Most of our deals are in the 50-70% loan-to-value range and
from $400,000 to $6,000,000. We lend in most continental United
States locations.
Custom Construction
Specializing in Construction Loans for all types of borrowers.
We offer "One Time Close" Construction Loans with
a guaranteed lock rate at completion of construction. Why
worry about re-qualifying, re-appraisals or incur additional
closing costs.
Construction financing is a specialized field. To better
serve your new home construction loan application process,
we assign you an expert consultant from the moment you apply.
He/She will work with you from the very beginning until the
funding day, making the process smooth and seamless.
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