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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 $275,000. 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.
Construction/Permanent Loans
The short term construction financing and the take out, or permanent financing,
built into one loan. The long term financing starts upon the completion
of the construction of improvements. A great convenience and cost saver
allowing one loan to serve two functions.
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.
Cooperative (Co-op) Loans
Financing for a type of real estate ownership involving stock ownership
in a corporation owning the building. Difficult type of financing to obtain
because there is no individual ownership.
Second Mortgage
A mortgage which would rank second behind the first mortgage in priority.
Used to preserve the existing first mortgage for any reason and yet borrow
against the remaining equity in a property.
Equity Lines of Credit
A combination of a line of credit and equity loan. A maximum loan amount
is established based on credit and equity. A mortgage is recorded against
the potential borrower's property for said maximum loan amount. The potential
borrower has the right to borrow, as needed, up to the amount of the mortgage.
Credit Problem Loans
Loans made to people with less than perfect credit.
No Income Verification Loans
Loans qualifiy using the income stated on the application without verification.
No Income and No Asset Verification Loans
Loans made without verifying income or assets.
100% L-T-V Loans
Loans made up to 100% of appraised value.
125% L-T-V Loans
Loans made up to 125% of appraised value.
Hard Money Loans
Asset based loans. EXTREMELY fast closings with little, or no, documentation
and verification. Equity in real estate and a repayment plan are the
keys. Higher rates and fees are to be expected.
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O'BRIEN
FINANCIAL GROUP, INC.
1595 NE 26th Street •
Wilton Manors • FL • 33305
954-567-3500
• 800-477-0386
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