Domestic Loan Programs 

• 30 Year and 15 Year Fixed Rates
• 30 Year Adjustable Rate Mortgages with many alternative indexes, margins, caps and adjustment periods
• FHA and VA Loans
• First Time Homebuyer Loans
• No Income/No Asset Verification Loans
• No Ratio Loans
• No Income Verification Loans
• Construction-Permanent Loans
• Second Home Loans
• Investor Loans

 

Glossary

Fixed Rate. Under the terms of a fixed rate mortgage, the borrower's payment does not change over the life of the loan.

Adjustable Rate Mortgage. Adjustable rate mortgages (ARMs) are loans in which the interest rate is periodically adjusted to coincide with prevailing interest rates. The borrower can have a lower initial payment with an ARM, making it easier to qualify for a mortgage. Alternatively, a borrower could get a larger mortgage loan with an ARM than a fixed rate.

Margin. A margin is the amount that is added to an index value to create the mortgage interest rate.

Caps. "Caps" are limits that are placed on the changes allowed in the interest rate and/or monthly payment on an adjustable rate mortgage.

Adjustment Periods. The payment on an ARM will change at intervals defined by the loan contract.

FHA. FHA is the Federal Housing Administration, a division of the Department of Housing and Urban Development (HUD). It was established in 1934 to increase home ownership. FHA loans require low down payments.

VA. VA is a mortgage that is guaranteed by the Department of Veteran Affairs available to a qualified veteran. VA loans are available with no down payment.

First Time Homebuyer. A First Time Home Buyer is an individual who will reside in the mortgaged property and has had no ownership interest in a residential property during the preceding three year period.

No Income/No Asset. Employment, income and assets are stated on the loan application but not verified. The underwriting focus on this program is in the creditworthiness of the borrower, assets and collateral.

No Ratio. A No Ratio loans does not state the borrower's income. The creditworthiness of the borrower, assets and collateral are the main focus in this loan program.

No Income Verification. Income is stated on the loan application but not verified. The underwriting focus on this program is in the creditworthiness of the borrower, assets and collateral.

Construction-Permanent. A construction permanent loan combines two loans into one closing, allowing for the construction of the property and once completed the loan converts to a fully amortizing mortgage over the remaining term of the loan. This type of loan eliminates the additional cost and inconvenience of two separate closings.

Second Home. This is a property that is purchased for use by the owner but is not the primary residence.

Investor. This is the purchase of a home for the purpose of generating income by renting the property to tenants.

 

InterBanc Mortgage Services, Inc.
237 Lookout Place, Second Floor
Maitland, Florida, 32751 USA
Phone: 407-539-1300 — Fax: 407-539-2280
info@interbancmortgage.com