Financing

Conforming Loans

The term "conforming" specifically refers to the loan amount. FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac) are the government agencies that set this limit. The current loan limit is $417,000. If you borrow an amount less than or equal to $417,000, then your loan amount will be considered "conforming", since you will be conforming to the FNMA and FHLMC guidelines. Please contact one of our professional Loan Consultants to discuss your personal situation.

Jumbo Loans

A jumbo loan is any loan amount greater than $417,000, which is the limit set by FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac). A "super jumbo" loan is any loan amount greater than $650,000. The qualifying guidelines for these mortgages can be strict, so be sure to contact one of our professional Loan Consultants to discuss your personal situation.

Refinancing

If you would like to refinance your current mortgage, it would be our pleasure to assist you. There are many reasons why it might be to your benefit to refinance your mortgage. In most cases, it would make sense to refinance if you could lower your rate, shorten the number of years remaining on your term or take out some of your equity. Perhaps you have an adjustable rate mortgage now, and would like the security of a fixed rate mortgage. One of our professional Loan Consultants can help you by showing you the cost to obtain a new mortgage and assess the overall savings to you.

Debt Consolidation

Debt Consolidation loans use the equity in your home to reduce your overall indebtedness. Generally, you can reduce you monthly payments significantly by using equity to pay off high interest debts such as credit cards and personal loans. This is an excellent way to ‘unlock’ the equity in your home and put it to work saving you money!

FHA Loans

An FHA loan is a loan for residential real estate guaranteed by the Department of Housing and Urban Development (HUD). FHA permits loans up to 96.5% of your purchase price and 97.75% of your homes value for a streamlined refinance or up to 95% of your homes value for a cash-out refinance. County in each state sets loan limits. Click the following link to determine the FHA loan limit for your area https://entp.hud.gov/idapp/html/hicostlook.cfm.

FHA loans permit flexible qualifying and rates that are comparable to conforming loan rates and fees. NASB offers Adjustable Rate and Fixed Rate loans in all 50 states. Learn more and View rates.

VA Loans

VA loans (or Veteran Administration Loans) guaranteed by the Department of Veterans Affairs, to assist our Veterans of military service with 100% financing for the purchase or refinance of their homes. Veterans may obtain financing in all 50 states and our rates are comparable to conforming fixed rate loans.

Second Mortgage

Second Mortgages are called by many different names. They are sometimes called ‘Home Equity Loans’ or ‘Home Improvement Loans’. Regardless of the name, the loan is characterized by a second lien on your home. Second mortgages can typically be used to get ‘cash in hand’ to use for any reason.

There are basically two types of Second Mortgage Loans: Closed End and Open End. Closed End Second Mortgages have an amortization period, and generally, a fixed rate. They pay off in a preset term. Open End Second Mortgages are often called Home Equity Lines of Credit or HELOCs for short. They offer the ability to reuse the money as you repay the line. It works just like a credit card except the rate of interest is much lower.

For both types of Second Mortgages, the interest you pay is usually tax deductible. To determine deductibility of mortgage interest, contact your tax advisor.

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