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.
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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
repayment terms up to 40 years). 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. In
addition, interest only payments are
available on our 3,5,7 and 10 year
adjustable rate programs. These
options are great for clients who want
to refinance to substantially lower
their monthly cash outlay.
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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.
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Executive (Jumbo) Mortgages:
Executive loans are mortgage loans in
excess of $417,000. These loans
typically range from $417,001 to $1
million dollars. 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. 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.
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Lot - Vacant Land Mortgages:
We currently do not offer the ability to
refinance vacant land loans unless the
existing mortgage is held by First Place
Bank
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Investment Property Mortgages:
With our wide product offerings, we are
able to offer financing on 1-4 unit
properties. The amount available
for financing will depend on credit
score, number of properties owned and
other factors. 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.
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Rehab Refinance Options:
If your looking to refinance your home
and make some improvements to your home
in the process (rehab). We have
the perfect program for you. Our
rehab refinance program allow you
flexibility in making improvements to
your home. To
find out if you qualify,
contact us
today.
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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
equity to 15% equity. 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.
Contact our office
to find out what options may be
available to you.
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Special Programs:
We
are pleased to offer special refinance programs
for clients who may have a more unique
need. 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
- Unique Property Programs
- In House/Portfolio 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.
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Interest Only Mortgages:
We are pleased to offer a number of
mortgage options that allow for interest
only payments. 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. Call us for
all the details on these exciting new
programs.
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Special FHA Cash Out Program:
FHA offers a
cash out refinance program that allows
you to borrow up to 95% of your homes
value. The best part, is the
interest rate and mortgage insurance
cost are extremely competitive and often
times are more favorable then a conventional
mortgage with the same structure.
The proceeds of the loan can be used to
payoff your mortgage, home equity loans,
auto loans, credit cards or personal
loans. Best of all, FHA has
relaxed it's property guidelines making
it easier than ever to qualify for this
type of program. If you need to
consolidate debt, this program could be
perfect for you.
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Home Equity Loans
If you need to borrow money against your
home, but you hate to refinance that
mortgage with a really low interest
rate. A First Place Home Equity
loan may be perfect for you. We
offer fixed rate home equity loans that
give you the piece of mind in knowing
exactly what your rate and monthly
payment will be. In addition to
our fixed rate products, our Ultimate
Prime Home Equity line of credit allows
for low monthly payments and aggressive
interest rates. Our Ultimate Prime
Home Equity line allows you the
flexibility to have a line of credit
available to draw against time and time
again. Contact us for all the
details on our home equity products.
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