Fixed Rate Mortgage Term Options

by Irene Moustakas | Apr 17, 2014 | Featured, Loan Programs and Products

The 30 Year Fixed loan program is the most common program chosen by homeowners. It provides fixed, secure payments at the same interest rate and mortgage payment for the life of the loan (30 years).  But there are other options for fixed rate term mortgages that not...

Jumbo Loan with 10% Down Payment?

by Irene Moustakas | Feb 23, 2014 | Featured, Industry News, Loan Programs and Products

Back in the day, we only had a conforming loan limit (currently $417k), and any loan amount above that was considered Jumbo. Now we have three levels of loan limits and down payment requirements for Conventional loans. (FHA will allow 3.5% down payment up to a...

You Have Options in Mortgage Insurance

by Irene Moustakas | Feb 12, 2014 | Featured, Loan Programs and Products

Mortgage Insurance is one of those necessary evils in purchasing a home with less than 20% down payment. The purpose of Mortgage Insurance is to protect the lender against the possibility of default. Yes, this is something you pay but does not have any real benefit to...

Advantages and Disadvantages to Interest-Only Loans

by Irene Moustakas | Nov 21, 2013 | Featured, Loan Programs and Products

The new “Qualified Mortgage” Rule will be taking place in January 2014, which will result in the discontinuation of Interest-Only loans.  There may be a small handful of portfolio lenders that will continue to offer interest-only loans, but for the most part, they...

Jumbo Loan Programs: A 10/1 Adjustable Rate Mortgage (ARM) versus a 30 Year Fixed

by Irene Moustakas | Oct 17, 2013 | Featured, Loan Programs and Products

A Jumbo loan (any loan amount exceeding $625,500) is common in our high-cost area.  Jumbo loans are considered more risky to lenders, so their interest rates are higher and guideline requirements stricter.  You have choices in Jumbo loan programs – your decision can...

Purchase Loan Program Available for our Community Heroes: Police, Firefighters, Teachers & EMTs

by Irene Moustakas | Dec 5, 2011 | Featured, Industry News, Loan Programs and Products

There is a special program currently available to police, firefighters, teachers and emergency medical technicians.  The program, called Good Neighbor Next Door (GNND), offers a 50% discount on the list price of a home for HUD-owned properties.  In return, the...