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Home
Mortgage Loans
Dickinson Mortgage and
Associates, Inc. offers a variety of mortgage products to meet
the needs of the individual homebuyer. Below is a synopsis of our most
popular programs:
Conforming 30, 20, and 15 year fixed rate mortgages
Conforming loans are less than $417,000 and typically can be underwritten
within 24 hours through an automated system. Good credit is required. Rates
for these mortgages are some of the most competitive.
Jumbo Fixed Rate mortgages
Jumbo loans are greater than $417,000.
They are either underwritten through the automated system (within 24
hours) or manually depending on program's requirements. These products
require good credit. Rates are typically a bit higher than the conforming
loan rates.
Intermediate Arms programs
Intermediate Arms are adjustable rate products with a fixed rate period of
usually 3-years, 5-years, 7-years, or 10-years. You will see these products
advertised as 3/1 Arm, 5/1 Arm, 7/1 Arm, or 10/1 Arm. The initial number is
the number of years the loan rate will not change, and the second number
signifies what the loan program will be after the fixed loan rate period. All
of the above loans change to a 1-year adjustable rate mortgage meaning the
rate can change once per year after the fixed rate period. These loans are a
great savings for those clients who do not plan on keeping a loan for more than
a few years.
First
time Homebuyer programs
These loans have become extremely popular during the
past several years. They are not always for 1st time homebuyers, however,
most of the products do require that you do not own any other property once
the loan has closed. They accommodate low or -0- down payment options, and
many of them have income limits. Many of these products provide below market
rates, and low, or -0- mortgage insurance options. (Mortgage insurance
protects the lender in case of loan default and is usually required on any
loan with less than a 20% investment from the borrower.)
Interest only loans
These loans require payments of only the interest accrued on the mortgage
each month. This keeps the monthly payment at a low amount, but does not
reduce the principal balance.
Sub-Prime
mortgages
Loan provided to customers with not so perfect credit or
unusual properties. Usually require more down payment/equity and offer a
higher rate than conforming loans.
No-Doc or Stated
loans
For those borrowers who cannot document their income or
do not care to find the paperwork necessary to document income. Good credit
and a strong property are required.
Equity
lines/2nd mortgages, and lot loans
These are specialty products provided as an added value
to our customers. Rates and equity required depend on the strength of the
buyer. Costs for these loans are usually minimal.
Construction
loans
Typically a loan with only one closing that converts to
a permanent loan once the home is completed. Utilized by those building or
renovating homes. Premium rates are available to those using a reputable
builder.
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