loan programs

Loan Programs

A huge selection of loan programs are available, therefore in order to select the best loan for you, you need a professional’s guidance. We are experienced and provide the utmost service and integrity. Our staff is continually informed of any changes that become available and will search out the best rates in the market for any type of financing.

Loan Types

We have a huge variety of loan programs to choose from to make sure we meet your needs:

  1. Fixed-rate Mortgages
  2. Adjustable Rate Mortgages (ARMs)
  3. 40 and 50 year terms are available
  4. Interest Only Mortgages
  5. Low Start Rate Option ARM Mortgages
  6. Stated Income, No Documentation (no doc), and more

Special Programs

We have seen many people whose credit status or income has suffered as a result of difficult economic times. Our “difficult credit” programs give us the ability to help many individuals obtain loans through our “non-conforming” division. We are pleased to achieve a high percentage of success in this type of situation as a result of hard work and dedication to the customer. There are even special programs for homes that are being foreclosed upon or are in pre-foreclosure.

Loan Terms

The “term” of a loan is the period of time you will spend repaying it if you don’t choose to prepay your loan or refinance. The most common loan is 30 years, but other options are available. A 40-year and 50-year term is available for customers who want lower monthly payments than those available from a 30-year term. There are also 10, 15, and 20-year mortgages for those who want to repay their loans faster.

Whether you’d be better off with a longer loan term or a shorter one depends on a number of factors, most notably your monthly income and long-term financial goals.

  1. Longer mortgage terms offer lower monthly payments, and are a good option if you’re on a tight budget or would prefer to direct your monthly cash flow toward other investments or expenses.
  2. Shorter mortgage terms mean higher monthly payments, but allow you to repay the loan faster and save interest.

Low Interest Adjustable Rate Mortgages (ARMS)

An Adjustable Rate Mortgage (ARM) can make buying a home substantially more affordable. You can increase your cash flow by selecting a lower interest rate that is guaranteed for a period of time less than the full term of the loan. We specialize in all types of ARMS and easily explain each difference between the different types of programs and feature benefits.

The OPTION ARM or PayOption ARM

The Option ARM or PayOption ARM is very different from a traditional, fixed-rate, amortizing mortgage loan. A fixed-rate amortizing loan provides for monthly payments that include both the interest you owe based on your interest rate on the loan and principal. This is known as an amortizing payment where the principal balance you owe goes down each month.

The Option ARM or PayOption ARM is a monthly adjustable rate mortgage. The interest rate you owe can change monthly - either up or down. However, the minimum monthly payment you are required to pay generally only changes once per year. If your interest rate is increased from the previous month, then it is likely that the monthly payment will not be enough to pay all the interest that is due plus the principal for that month. If this occurs, the principal balance you owe actually goes up. This means that your equity decreases due to what is known as negative amortization.

Some of the special features in this loan are:

  1. Start rates that begin as low as 1.50% for a primary residence and 2.5% for investment properties (LTV or loan–to-value and credit scores are always factored into the underwriting guidelines when determining your start rate)
  2. Bi-weekly Payment Plan: Under this plan, your monthly payments are divided in half and paid every two weeks – so you’ll make 26 bi-weekly payments per year instead of 12 monthly payments. As a result, your equity grows at an accelerated pace and you pay off your mortgage sooner with significant savings in interest. Loans paid bi-weekly often mature in 21-25 years
  3. Bi-weekly Amortization – Option ARMs actually amortize every 14 days which can result in savings yourself thousands of dollars in interest over the course of the entire loan
  4. Some lenders even allow for converting your Option ARM into a fixed rate at a later date without a refinance

You benefit from:

  1. Very low mortgage payments in the start-up years
  2. Choice of 4 payment options each month
  3. Make the minimum payment to free up cash for other things
  4. Starting interest rates can begin as low as 1.50%. This ARM is available to borrowers with credit scores of 660 and above. For investment properties, interest rates start as low as 2.50%.

 

Privacy: All personal information given to Guaranteed Lowest Payment Mortgage will be kept in our files only, and not be sold or supplied to any outside company. We will be your sole point of Contact throughout the Approval Process. We do not share your Application, regardless of which Lender ultimately funds your Loan. You will not be contacted by Multiple loan officers soliciting your business.