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30 or 15 Year Fixed Rate Loans
A mortgage loan of 30 or 15 years duration in which the
rate of interest remains unchanged throughout the term of the loan. The
often preferred method of financing by homeowners because of the
certainty of the monthly principal and interest payments. The most
popular terms are either 30 or 15 years, but other terms are available.
Adjustable Rate Mortgage
A mortgage loan written for a fixed length of time with
an interest rate that is periodically adjusted up or down within a
specified range. Mortgage payments therefore will fluctuate over the
length of the loan. Lenders establish maximum limits of potential
adjustment per year and over the life of the loan. Adjustments can vary,
but the mostly widely used adjustables have fixed periods of 1, 3, 5, 7
or 10 years. This type of financing can be confusing and borrowers
should seek a qualifed mortgage professional for advice and counsel on
this type of loan.
Jumbo and Super Jumbo Loans
A loan greater than the normal conforming limit of
$417,000. Super Jumbo would usually be larger than $650,000. Available
for luxury purchases or refinances needing the large loan amount.
Second Home/Vacation Home Loans
Second residences occupied on a part time basis and
not considered to be an income producing property. A non-income
producing residence used as a temporary domicile when away from the
primary residence. Programs and terms available identical to those
available for owner occupant financing.
Investor Loans
Non-owner occupied properties purchased as investments
and to generate rental income. Reates and terms can vary greatly.
Investment loans are for properties up to four units only.
Commercial Loans
Financing for commercial real estate as distinguished
from residential real estate. Such as stores, warehouses, hotels, motels
or properties with five or more apartments. The same flexibility
available for residental loan applicants can be utilized in the pursuit
of commercial financing when a mortgage broker like O'Brien Financial is
employed.
First Time Homebuyer Programs
Flexible programs to address into increasing numbers of
Americans of modest income who would otherwise be unable to obtain
affordable housing. Expanded guidelines allow for easier qualifying and
usually involves required counseling on homeownership and credit
management.
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O'BRIEN
FINANCIAL GROUP, INC.
2821 E. Commercial Blvd #204 ~ Fort
Lauderdale ~ FL • 33308
954-567-3500
~ FAX 954-636-1136
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