Residential Loan Programs

Our company was originally founded with residential lending for single family homes, condominiums and alike. We quickly became a well recognized name in this area of lending with our primary source of business coming from repeat and referral clients.

Even though there have been many recent changes in the residential mortgage market, we continue to be strong in this area and continue to offer all available loan products to accommodate our borrowers with all their lending needs.

Common Residential Loan Program Descriptions

Fixed Rate Mortgages

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments remain the same during the life of the loan.  The terms on these loans are usually 10, 15, 20, and 30 years.

Adjustable Rate Mortgages (ARMs)

Adjustable rate mortgages are loans in which interest rate will vary during the life of the loan. These loans usually have a fixed interest rate for an initial period of time and then become adjustable with a different rate based on current market conditions. These are almost always used for short term ownership.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed rate and adjustable rate mortgages. These loans are fixed for a period of time and become adjustable after that fixed period. They can be fixed for 3,5,7, and 10 years. These loans can help borrowers save money on the interest portion of their loan payment, as the rates can be much lower than on a traditional fixed loan. These loans should be taken only with the understanding that they will adjust after the fixed period is over.

Interest Only Mortgages

A mortgage is called 'interest only' when its monthly payment does not include the repayment of principal for a certain period of time. These loans can also help borrowers save money on a monthly basis. Interest only loans do not require a principal reduction each month, however one can make principal payments if they wish to. These loans provide more flexibility than a traditional fixed rate loan.