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Every bank has its own niche and its own criteria to base its level of risk associated with each borrower. Therefore, rates for the same borrower for the same type of loan could fluctuate anywhere from .25% to 1% from bank to bank. We have comprehensive spreadsheets and software that allow us to quickly ascertain which of our 200 affiliated banks match up best with each specific scenario.
Following are a few of the many types of loans that Funding America offers:
Standard 30 Year, 25 year, 20 year, 15 year, 10 year fixed rate loans:
Makes most sense for borrowers who know they will be in the house long term or simply do not want to refinance in the future.
30 year fixed loan with initial 5 year or 10 year interest-only period:
In a standard 30 year loan (without interest-only options), the balance of the principal only goes down 13% in the first 15 years and hardly at all in the beginning - meaning borrowers are paying mostly interest initially. On the other hand, interest-only options give you the opportunity to make considerably lower payments in the initial 5 or 10 year period while you are settling in with any initial housing expenses or simply want to keep your payments low. Since this is a fixed interest-only product, you would still have the same rate throughout the entire term. And you can still pay down your principal as you wish instead of paying mostly interest anyway.
10 year, 7 year, 5 year, 3 year, 2 year, 1 year, and 6 month adjustable rate mortgages (ARMs) (also available with interest-only).
Why not avoid the premium of higher rates and payments associated with a fixed rate if it is possible that you will want to refinance again or move? Get some of the lowest payments possible by getting an ARM with an interest-only option.
Deferred Interest Loans:
Can be a great tool for a financially savvy borrower. Get minimum payment rates that start as low as 1.25%. Significant tax advantages are possible by writing off deferred interest. Comes with interest-only and fully amortized (principal and interest) options as well. It is important to understand the ins and outs of this loan before committing to it, so it is advisable to speak to one of our experienced loan officer who will fully disclose all the details.
Call us and we will be happy to explain more about some of our specialty products:
Following are a few of the many types of loans that Funding America offers:
Standard 30 Year, 25 year, 20 year, 15 year, 10 year fixed rate loans:
Makes most sense for borrowers who know they will be in the house long term or simply do not want to refinance in the future.
30 year fixed loan with initial 5 year or 10 year interest-only period:
In a standard 30 year loan (without interest-only options), the balance of the principal only goes down 13% in the first 15 years and hardly at all in the beginning - meaning borrowers are paying mostly interest initially. On the other hand, interest-only options give you the opportunity to make considerably lower payments in the initial 5 or 10 year period while you are settling in with any initial housing expenses or simply want to keep your payments low. Since this is a fixed interest-only product, you would still have the same rate throughout the entire term. And you can still pay down your principal as you wish instead of paying mostly interest anyway.
10 year, 7 year, 5 year, 3 year, 2 year, 1 year, and 6 month adjustable rate mortgages (ARMs) (also available with interest-only).
Why not avoid the premium of higher rates and payments associated with a fixed rate if it is possible that you will want to refinance again or move? Get some of the lowest payments possible by getting an ARM with an interest-only option.
Deferred Interest Loans:
Can be a great tool for a financially savvy borrower. Get minimum payment rates that start as low as 1.25%. Significant tax advantages are possible by writing off deferred interest. Comes with interest-only and fully amortized (principal and interest) options as well. It is important to understand the ins and outs of this loan before committing to it, so it is advisable to speak to one of our experienced loan officer who will fully disclose all the details.
Call us and we will be happy to explain more about some of our specialty products:
wGet as much as 106% financing on an owner-occupied property with no reserves or assets required
wInvestment properties can be financed at 100% for both full document and stated borrowers
w95% Financing for No Document Loans on an investment property
w100% Financing for No Document Loans on a primary residence
w100% loans with no Mortgage Insurance
w40 year term loans
wFull document rates with no W2s, paystubs, or tax returns - simply written
wVerification of Employment
wAnd many more alternatives
wInvestment properties can be financed at 100% for both full document and stated borrowers
w95% Financing for No Document Loans on an investment property
w100% Financing for No Document Loans on a primary residence
w100% loans with no Mortgage Insurance
w40 year term loans
wFull document rates with no W2s, paystubs, or tax returns - simply written
wVerification of Employment
wAnd many more alternatives