Fixed Rate Mortgages:
Fixed
rate mortgages are loans where the
interest rate for your mortgage stays
the same for the entire term of the
loan. Fixed rate mortgages are
available in 10, 15, 20, 25, 30 and 40 year
terms. Generally, the longer the term
of the loan the higher the interest
rate. Fixed rate mortgages are great
loans for clients who anticipate staying
in their home for a longer period of
time. With a fixed rate mortgage your
interest rate and principal and interest
payment will never change.
-top of page-
-apply now-
Adjustable Rate Mortgages (ARM):
Adjustable rate mortgages are loans
where the interest rate on your mortgage
is subject to change at some point
during your loan term. Adjustable rate
loans are available with repayment terms
of 30 years (some options allow for a 40
year repayment term). However, the interest rate
on your loan may only be fixed for a
period of 1,3,5, 7 or 10 years depending
on the option you choose. For clients
who will be staying in their home for a
shorter period of time an adjustable
rate may offer a lower payment and
interest rate. An ARM may also benefit
you if fixed rates are higher and you
anticipate mortgage rates to drop within
the next couple of years. This allows
you to keep your payment reasonable
while you wait for fixed rates to
decrease. In
addition, interest only payments are
available on our 3,5,7 and 10 year
adjustable rate programs.
-top of page-
-apply now-
Balloon Mortgages:
Balloon mortgages are loans that
generally carry an interest rate lower
than a fixed rate mortgage. With a
Balloon mortgage you have a 7 year term
in which to pay your loan off in its
entirety or to refinance. Balloon
mortgages have low monthly payments
because your monthly payment is
calculated over a 30 year term.
However, at the end of 7 years you will
have to payoff your outstanding balance
at that time or refinance. A
balloon option is good for clients who
will be moving within 7 years or those
who are betting mortgage rates will be
decreasing during the next 7 years.
-top of page-
-apply now-
First Time Buyer Programs:
First Time Buyers have numerous options
available to them. Many of
these options allow for a small down
payment. Some options when
properly structured can result in no
down payment being required. To find out
which program best suits you please call
our office to set up a complimentary
appointment to review your home buying
options. Often times there are numerous
options that are available to you. We
will help you to determine the options
that will best fit your needs. In
addition we are pleased to participate
with the Michigan State Housing
Development Authorities Home Loan
Programs as well as FHA and VA home loan
programs. Some of these programs
offer substantially below market rates
to first time home buyers. Call us
for all of the details.
-top of page-
-apply now-
Executive (Jumbo) Mortgages:
Executive loans are mortgage loans in
excess of $417,000. These loans
typically range from $417,001 to $1
million dollars. Like construction
loans, these products can vary
significantly from lender to lender. We
are pleased to be a leading provider of
executive mortgages. Because of our
affiliation with First Place Bank we are
able to hold in our investment portfolio
several large executive mortgages at
extremely competitive rates (often times
equal to standard conventional rates). We offer
executive mortgages under our fixed and
adjustable rate products. In addition,
as a direct lender we have greater
flexibility with programs and options.
-top of page-
-apply now-
Lot - Vacant Land Mortgages:
At First Place, we are one of the most
aggressive lenders for lots and vacant
land. Most of our land loan
programs are available with as little as
20% down. We offer programs that
feature attractive adjustable rates.
Lot and land loans have a repayment term
as long as 30 years, with your rate
being fixed for the first 1, 3 or 5
years depending on the option you
choose. Land financing is
available to those clients who
anticipate building a new home on the
land they are purchasing.
-top of page-
-apply now-
Investment Property Mortgages:
With our wide product offerings we are
able to offer financing on 1-4 unit
properties. Down payment and
options will vary depending on credit,
number of units and number of properties
currently owned. Our investment property
options are available as fixed or
adjustable rate products. Call us for
details on our investment property
options. Investment property options
are generally limited to 1-4 unit
properties. However, larger units
and/or apartment complex financing is
available through our commercial lending
area.
-top of page-
-apply now-
Bridge (Swing) Mortgages:
These mortgage options are used when you
currently own a home and need to close
on the purchase of a new home before you
close on the sale of your current home.
Our bridge loan options may allow you to
borrow up to 80% of your current homes
value for your down payment on your new
home. Best of all there are flexible
payment options that allow you to make
interest only payments monthly or
quarterly depending on the option you
choose. In many cases, we don't count
your new bridge loan payment against you
when you qualify for your new mortgage.
This makes it easy to qualify for your
new home without selling your old home.
First Place's bridge (swing) mortgage
options are the most flexible around.
-top of page-
-apply now-
FHA/VA Home Loans:
First Place specializes on FHA/VA home
loans and is one of the few banks with a
Government Loan Underwriter in our
office here in West Michigan. This
means your loan is approved locally by
someone who knows and understands this
market. FHA/VA loans have flexible
down payment options with many require
no down payment. Best of all you
don't have to have perfect credit for
many of these programs. If your
looking at purchasing a home that is
need of repairs, the FHA 203(k) program
may be perfect for you. This
option allows for repairs ranging from
$5,000 to $35,000 to be included in the
purchase of your home. To find out
if this option is right for you, give us
a call.
-top of page-
-apply now-
NO PMI Options:
We are pleased to offer mortgage options
that allow for NO PMI (Private Mortgage
Insurance). These options are available
on our fixed, adjustable and balloon
mortgages. NO PMI options are available
with loans that require anywhere from no
money down to 15% down. Eliminating PMI
insurance may save you a substantial
amount on your monthly payment and may
save you thousands of dollars over the
term of your loan. With our "15
for free" option, you can avoid PMI
insurance with a 15% down payment with
no need for a 2nd mortgage or any
increase in interest rate. This is
a First Place exclusive.
Contact our office
to find out what options you may qualify
for.
-top of page-
-apply now-
Special Programs:
We
are pleased to offer special programs
for first time buyers as well as buyer
who may have owned numerous homes
before. Here is a sample of some of our
special programs:
- NO Debt Ratio Loans (Income
still verified but no debt ratio is
calculated in order to qualify)
- Interest Only Payment Options
- Self Employed less than 2 years
- Down Payment Assistance Programs
- First Time Buyer Programs
- Unique Property Programs
- Common Sense Programs
- Bruised Credit Programs
If
you have a special or unique situation
contact our office to discover the many
options that may be available to you.
-top of page-
-apply now-
Interest Only Mortgages:
We are pleased to offer a number of
mortgage options that allow for payments
interest only. These options allow
you to have a monthly payment that can
be hundreds of dollars less than a
traditional mortgage. Best of all,
you are able to maximize the amount of
home you are able to finance without
having to have a large mortgage payment.
These options are also great for clients
who work on commissions or that are self
employed. With our interest only
mortgages your payment of principal is
deferred to a later date. Interest
Only mortgages are available on fixed
rate as well as most of our adjustable
rate programs. Additionally, we
offer interest only mortgages on some of
our investment property programs.
Please contact us
for all the details.
-top of page-
-apply now- |
