International Loan Programs —
- 30 Year and 15 Year Fixed Rates
- 30 Year Adjustable Rate Mortgages with many alternative indexes, margins, caps and adjustment periods
- No Income Verification Loans
- Construction-Permanent Loans
- Second Home Loans
- Investor Loans
GLOSSARY
Under the terms of a fixed rate mortgage, the borrower's payment does not change over the life of the loan.
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.
A margin is the amount that is added to an index value to create the mortgage interest rate.
"Caps" are limits that are placed on the changes allowed in the interest rate and/or monthly payment on an adjustable rate mortgage.
The payment on an ARM will change at intervals defined by the loan contract.
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.
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.
This is a property that purchased for use by the owner but is not their primary residence.
This is the purchase of a home for the purpose of generating income by renting the property to tenants.