| Loans
Available from Rinker Financial |
| 30
year fixed |
| 20
year fixed |
| 15
year fixed |
| 10
year fixed |
| Interest Only |
| Amortized
over 30 years due in 15 years |
| 3
year fixed then converts to an adjustable rate mortgage. 30
year total loan |
| 5
year fixed then converts to an adjustable rate mortgage. 30
year total loan |
| 7
year fixed then converts to an adjustable rate mortgage. 30
year total loan |
| 10
year fixed then converts to an adjustable rate mortgage. 30
year total loan
|
| Option ARM - 1
month fixed 30 year term very low start rate, low payment is
fixed for one year, the most the payment can go up the second
year is 7 1/2 % of the previous years payment, interest rate
adjust monthly (has 4 payment options 1. minimum payment 2.
interest only 3. principal and interest 4. principal, interest
and additional principal) |
| 1
year ARM this loan adjusts once per year (both up and down)
30 year loan |
| Second
Homes |
| Investment
Properties |
| Cash
Out |
| Refinance |
| Lot
Loans |
| Construction
Loans |
| Commercial
Loans |
| Leased
Land |
| PERS |
| FHA |
| VA |
| Second
Trust Deeds |
| Easy
Qualifiers |
| Loans
for Credit Problems |
| Loan
Locks available |
| 100%
Financing |
| 80-10-10
(10% down no PMI) |
| 80-5-15
(5% down no PMI) |
| 1st
Time Home Buyers |
| 40
Year Adjustable Rate Mortgage and Fixed Rates |
| Stated
Asset/Stated Income |
|
Call
us with your needs and we will find the best loan to fit your
needs.
|
Loan
Definitions
Home
buyers have several options when it comes to mortgages, each has
advantages and disadvantages.
Fixed-rate
or conventional mortgage:
The
fixed-rate loan is the most popular and traditional mortgage. In
a fixed-rate, the interest rate stays the same for the period of
the loan, usually 15 or 30 years. Principal and interest payments
remain the same month-to-month, year-to year. A down payment of
3 to 20 percent is usually required. A fifteen-year mortgage offers
low down payment options, as well as scheduled, low monthly payments.
In a 15-year mortgage, equity builds more quickly. It also offers substantial
savings in interest as well as lower interest rates than a 30-year
fixed-rate mortgage.
Adjustable
Rate Mortgage:
More popular than ever, ARMS are mortgages in which the interest
rate is tied to a financial index such as Treasury Bonds or Cost
of Funds. Monthly payments can vary over the life of the loan, usually
25 or 30 years. Most ARMs have rate caps, which determine the maximum
change allowed in interest during a set period. Most arms also have lifetime
caps, a maximum interest rate allowed during the loan's life span.
ARMs usually offer lower down payments, making it easier to qualify
for a larger loan. Some ARMs have balloon payments at the end of
the loan's term. Key words in ARM mortgages include the index, and the margin, the number of percentage points
a lender adds to the index rate to calculate the ARM's interest
rate.
Two-step
loans:
A hybrid of the fixed-rate mortgage and an ARM, two-step loans begin
with stable low payments for five or seven years. After that period,
they revert to a fixed or adjusted rate mortgage. Two-step loans
are popular because the average American moves every seven years;
buyers figure they will sell their home about the time higher payments
kick in. These loans also are appealing because most buyers' incomes
increase by the time the payments rise.
Jumbo
loans:
Loans for more than $500,000. This loan amount changes every year
in December.
Adjustable
Rate Mortgage (ARM):
A mortgage linked to a financial index in which monthly payments
can vary over the course of the loan.
Adjustment
period:
The length of time between interest rate changes on an ARM. Amortization:
Repayment of a loan in equal installments of principal and interest.
Annual
percentage rate (APR):
The total finance charges, loan fees and interest expressed as
a portion of the loan amount.
Assumption:
An agreement that a buyer will assume liability under an existing
note secured by a mortgage or deed of trust. The lender must approve
the buyer.
Balloon
payment:
A lump sum of principal due at the end of some mortgages.
Cap:
The limit on how much interest rates or monthly payments can change,
either at adjustment or overall.
CHB:
The California State Community Home Buyer program, available to
first-time home buyers to help lower their down payment.
CHFA
loan:
A loan guaranteed by the California Housing Finance Agency, available
to first-time home buyers. It provides lower rates to those who
qualify.
Conversion clause:
A statement declaring at what point an ARM can be converted into
a conventional mortgage.
Escrow:
A procedure in which a third party ensures that both the buyer
and seller in the settlement process meet requirements. Escrow
agents handle paperwork and distribute funds.
Fee simple:
An estate in which the owner has unrestricted power to dispose
of the property as he or she wishes.
FHA
loan:
A mortgage guaranteed by the Federal Housing Administration.
Fixed-rate
mortgage:
A finance method in which the interest rate stays the same for
the period of the loan, usually 15 or 30 years.
FNMA:
The Federal National Mortgage Association nicknamed Fannie Mae,
a private corporation founded by Congress to support the secondary
mortgage market.
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