MORTGAGE LOAN PROGRAMS
Please explore the various mortgage programs available through Arbor Mortgage Group. It is important that you understand and feel comfortable with the loan program you choose.
Please reach out to one of our experienced Mortgage Advisors. They will help you navigate through these options by understanding your financial goals and personal circumstances.
FIXED RATE MORTGAGE
This is the single most popular loan choice for several reasons. The interest rate will remain the same throughout the life of the loan. The payment will remain the same as well. The loan balance will be reduced each month until the balance reaches zero. The most common length is 30 years, in part because of the manageable payment fits nicely in most budgeting scenarios.
FIXED RATE MORTGAGE
ADJUSTABLE RATE MORTGAGE OR ARM
An Adjustable Rate Mortgage, or ARM, is a mortgage loan with an interest rate that adjusts periodically according to the financial index it is based on plus a margin. The financial index is tied to our economic climate in some way or another. The margin stays the same, the index may change, and therefore the rate may change to the point of the index and margin added together. These rates can sometimes start as low as 1.2%. To limit the borrower’s risk, the Adjustable Rate Mortgage will usually have a payment or rate cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount the interest rate can increase. A periodic cap limits the amount the interest rate can change at the time of each periodic adjustment. A life cap restricts the amount the interest rate can increase over the entire life of the loan. These ARM programs range from ones that adjust monthly to ones that are fixed for 5, 7, or 10 years before adjusting. This is an extremely beneficial loan for the right borrower.
ADJUSTABLE RATE MORTGAGE OR ARM
CONVENTIONAL HOME LOAN
A Conventional Home Loan requires as little as 3% down, and offers great interest rates. Arbor Mortgage Group offers the following Conventional Home Loan Programs with terms from 8-30 years and no prepayment penalty:
- Fannie Mae Home Ready
- Freddie Mac Home Possible
- Fannie Mae Homestyle Rehab
- Construction Loans
If you would like to get more information about these programs and see which one suits your needs, give us a call at 541-323-0422.
CONVENTIONAL HOME LOAN
JUMBO LOANS
Our Jumbo Loans are 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable. Single family detached, Condo’s, PUD’s and single-family second homes can be financed with no prepayment penalty.
JUMBO LOANS
SECOND MORTGAGE
A Second Mortgage offers the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. A Second Mortgage is convenient when you have a low interest first mortgage.
SECOND MORTGAGE
FHA MORTGAGE
An FHA mortgage is insured by the Federal Housing Administration. This program offers borrowers the ability to put as little as 3.5% down, and some closing costs may be financed as well (the seller can contribute up to 6% of the purchase price to the buyer and it can go towards closing costs). We also offer an FHA Streamline Refinance, which doesn’t require an appraisal or income documentation. We also offer 203k Rehab Loans.
If you would like to get more information about these programs and see which one suits your needs, give us a call at 541-323-0422.
FHA MORTGAGE
CONSTRUCTION LOANS
If you would like to get more information about this program to see if it suits your needs, give us a call at 541-323-0422.
CONSTRUCTION LOANS
USDA HOME LOANS
If you would like to get more information about this program to see if it suits your needs, give us a call at 541-323-0422.
USDA HOME LOANS
HOME LOANS FOR VETERANS
ODVA offers a state veterans’ home loan that is an additional and distinctively separate benefit from the Federal VA Home Loan Guaranty Program. The current maximum loan amount is $417,000 for a single-family, owner-occupied residence and veterans are now eligible to use the loan as a lifetime benefit.
The program is designed specifically to provide veterans the lowest interest rate possible and is secured through special federal bonding only available to state home loan programs. ODVA takes pride in achieving consistently high levels of customer satisfaction, and makes every attempt to be flexible and provide and easy application process
The ODVA Program allows for a minimum down payment of 5% and also allows for Manufactured Home financing.
If you would like to get more information about this program to see if it suits your needs, give us a call at 541-323-0422.