Loan Programs
The most common type of loan option. Typically 30 or 15 year terms. The traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. They are commonly known as "conventional" mortgages. Available with as little as 3% Down Payment. At Pioneer Mortgage Funding we offer Fixed Rate Mortgages with customizable terms (i.e. 7 year, 10 year, 18 or 20 year mortgages).
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which change during the loan’s term. The rate may go up or down depending on market conditions at the time of the adjustment. These loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs. A 5/1 ARM for example would have a fixed rate for 5 years becoming an adjustable rate mortgage afterwards. The initial interest rate on these mortgages is typically lower than the 30 year fixed rate, and is a good option for borrowers who know they will likely move out within 5-7 years from purchase.
Loans to Foreign Nationals
At Cornerstone First Mortgage we offer a variety of financing options for Foreign Nationals. Fixed as well as Adjustable or Hybrid ARM options, with varying degrees of required documentation. See the "Foreign National Brochure" in the documents section for more information.
Alternative Income Documentation Loans
At Cornerstone First Mortgage we offer products which permit self-employed borrowers to qualify for a mortgage based on the cash flows reflected on their personal or corporate bank statements (instead of the income derived from their tax returns). We also have no income documentation loan for borrowers purchasing investment properties.
FHA - Including Renovation Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with minimal down payment even when there are some credit blemishes. At Pioneer Mortgage Funding we offer FHA loans to borrowers with Credit Scores as low as 500. We also offer FHA's Purchase-Rehab program. Borrowers may purchase a distressed home and finance the costs of repairs into a single close loan with down-payment as low as 3.5%. Call Lourdes Cuervo today.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership. Veterans may have more than 1 VA mortgage in their lifetimes but cannot have a VA loan on more than 1 property at a time.
Interest Payment Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Jumbo Mortgages
A jumbo loan is a loan which exceeds the maximum loan limits imposed by Fannie Mae and Freddie Mac (considered "conventional loans"). We offer dozens of Jumbo Loan Options with loans as high as $10M with varying degrees of income documentation needed in order to qualify for same. Call for details.
Home Equity Line of Credit
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home. It gives the borrower a revolving credit line which they can use to make purchases or consilidate higher-interest rate debt on other loans (retail store credit cards, bank issued credit cards and the like) . A HELOC often has a lower interest rate than some other common types unsecured loans, and the interest which you pay on the line may be tax deductible. Consult your accountant as tax laws may change.
ARM contain an index (which is outside the control of the lender, example the 1 Yr. US Treasury index), a margin (a pre-set amount added to the index), and caps - minimum and maximum amounts by which the rate may change at time of the adjustment. Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
Reverse Mortgages
Reverse Mortgages allow senior homeowners (borrowers over the age of 62) to convert a portion of their home equity into cash. Principal and interest payments WILL NOT be required while the borrowers continue to reside in the home. Properly structured, it can be an astute retirement strategy. Call Lourdes Cuervo for more information.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer. Call Lourdes Cuervo for a personalized consultation and customized total cost analysis. Easy. Simple. Valuable advice.
DISCLAIMER: Programs and their availability subject to change without notice.