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| Adjustable Rate Mortgage (ARM) |
| Balloon Mortgage |
| Conventional Financing |
| FHA |
| Fixed Rate Mortgage |
| Interest Only Products |
| Jumbo Financing |
| Secondary Financing |
| 100% Financing |
| Super Jumbo Financing |
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Adjustable Rate Mortgage (ARM)
The interst rate adjusts after the pre-specified fixed period lapses. The new rate is typically determined by the index and the margin. Most ARMs have caps to determine miniumum or maximum rate adjustments.
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Balloon Mortgage
A mortgage that has constant monthly payments for a period of time. At the end of the initial fixed period, the balloon payment to payoff the mortgage is due. Typically, balloons are fixed for either 5 or 7 years before the remianing principal balance is due.
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Conventional Financing
Refers to loan amounts that are equal to or less than $417,000 and are not insured by FHA (Federal Housing Administration) or VA (Veterans Administration).
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FHA
FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. Bi-Coastal Mortgage, Inc. has a variety of FHA loans avaliable.
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Fixed Rate Mortgage
The most classic form of home puchasing in the United States. A mortgage in which the payment or interest rate does not fluctuate throughout the life of the loan. Most fixed rate loans have a term of 10, 15, 20, or 30 years.
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Interest Only Products
Interest Only products allow a borrower to make minimal monthly payments of just the outstanding interest. Payment of the principal is deferred for a period of time, determined by the type of loan product.
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Jumbo Financing
Refers to loan amounts that are greater than $417,000 and are not insured by FHA (Federal Housing Administration) or VA (Veterans Administration).
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Secondary Financing
Bi-Coastal Mortgage, Inc. offers a variety of secondary lien position products. Bi-Coastal speciliaizes in fixed second mortgages, home equity lines of credit (HELOC), and combination mortgages.
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100% Financing
This variety of products allows one to finance the entire purchase price of a home, assuming that it appraises for equal to or greater than the purchase price.
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Super Jumbo Financing
If you are considering a Super Jumbo Mortgage, then let one of our licensed mortgage professionals help walk you step by step through the loan process. High end financing requires years of experience which is crucial to finding the best mortgage options to suit your needs.
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