Mortgages

Obtaining a mortgage is one of the most important steps in the home buying process. In fact, it is so essential that we energetically counsel all of our potential buyers to become pre-approved for a mortgage before they begin searching in earnest. With this knowledge in hand, a buyer can then move forward confidently, identifying a very specific price range in the market from which to select.

Pre-approval also plays another vital role. In the eyes of someone selling a property, potential buyers who are pre-approved are seen as more desirable. So, in a situation where there are multiple offers placed on a property, some with and some without pre-approval, that factor alone can have a dramatic impact on how those offers are considered.

We provide direct access to an impressive array of mortgages, ranging from programs for the first-time buyer to solutions for estate and luxury properties. This deep level of additional service, conveniently available through our partnership with Wells Fargo, epitomizes the Comprehensive Homeownership Services model: to identify those things elemental to the process and then make them as convenient and simple as is possible.

 

Loan Programs

Loan Program Features Recommended For
Fixed Rate Mortgage
  • Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan
  • Protection from rising interest rates
  • Borrowers who prefer regular payments with no surprises
  • People with limited or fixed incomes
  • People who plan to stay in their homes a long time
  • People who are refinancing at a time when interest rates are comparatively low
Adjustable-Rate Mortgage
  • Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions
  • Lower initial rate than with a fixed-rate mortgage
  • A variety of fixed-period options
  • People looking for lower monthly payments in the short term
  • People who plan to move or refinance again within a few years
Jumbo Loans
  • Mortgage amounts in excess of the conforming loan limit1set by Fannie Mae and Freddie Mac
  • Also known as nonconforming loans
  • Typically carry higher interest rates
  • Homeowners who need to refinance a property with a higher appraised value and can handle larger monthly payments
Interest-Only Payment Feature
  • Lower monthly payments consisting only of interest during the initial interest-only period2
  • If your goal is to build home equity during the interest-only period, you can make voluntary principal payments in addition to the interest-only payments whenever you choose
  • Available with select fixed- and adjustable-rate products
  • People looking to increase their short-term cash flow
  • People who intend to move or refinance within a few years
Lender-Paid Mortgage Insurance Option
  • Bypasses mortgage insurance costs when your loan-to-value ratio is more than 80%
  • Money that would have gone to mortgage insurance goes instead to tax-deductible interest payments3
  • Homebuyers without enough cash for a 20% down payment
  • Homeowners who plan to move or refinance within ten years
FLEX/FIXED® Program
  • Temporary buy-down of the initial payments for up to the first three years of the loan term
  • Lower initial monthly payments than for a typical fixed-rate loan
  • People looking to combine the flexibility of a lower initial payment with the security of a predictable payment schedule
The Relocation Mortgage Program®
  • A comprehensive loan program for corporate transferees
  • Provides home financing to employees of corporations that have formed relationships with us
  • Homebuyers who are relocating as part of a corporate transfer
Private Mortgage Banking
  • Mortgage-financing programs that can complement your wealth-management strategies
  • Personal attention from a specialist empowered to manage your financing, from application through closing
  • A dedicated customer-service line for loan servicing
  • High net-worth individuals needing distinctive home-financing options
  • Customers with complex financial situations
Home Opportunities℠Program
  • Minimal down payment requirements
  • Flexible income, credit and debt guidelines, including non-traditional credit histories
  • Benefits for public employees
  • Homebuyers with high debt ratios and limited funds for down payment
  • Homebuyers with non-traditional credit histories
  • Homebuyers who have experienced financial difficulties in the past
  • Eligible public employees
FHA Loan
  • Low down payment requirements
  • Flexible income, debt, and credit requirements
  • Down payment and closing costs may be funded by a gift or grant
  • First-time and repeat homebuyers
  • Homebuyers with limited funds for down payment
  • Homebuyers with less than perfect credit
  • Homebuyers who need a non-occupant, co-borrower
VA Loan
  • No down payment required
  • Flexible income, debt, and credit requirements
  • Down payment and closing costs may be funded by a gift or grant
  • Eligible military service members (may include veterans, reservists, active-duty members)4
  • Eligible homebuyers with limited funds for down payment
  • Eligible homebuyers with less-than-perfect credit
FHA Streamline Refinance
  • Reduced documentation requirements
  • Less processing time than a full FHA refinance
  • No appraisal in some cases
  • Closing costs may be financed
 Current FHA mortgage holders who want to:
  • Reduce monthly payments by refinancing to a lower interest rate
  • Refinance as quickly and conveniently as possible
VA Interest Rate Reduction Refinance Loan (IRRRL)
  • Reduced documentation requirements
  • Less processing time than a full VA refinance
  • No appraisal in some cases
  • Closing costs may be financed
 Current VA mortgage holders who want to:
  • Reduce monthly payments by refinancing to a lower interest rate
  • Refinance as quickly and conveniently as possible

 

 

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