Mortgage Loan Programs

Conventional Mortgages

Conventional mortgages offer you the ability to fix your interest rate for 10, 15, 25, or 30 years with the most competitive interest rates available. While the 30-year mortgage has been the industry standard, the 15-year option has become popular because it offers tremendous interest savings compared to longer terms.

Jumbo Mortgages

For the buyer needing financing above conventional loan limits, we offer both fixed rate and adjustable rates loans in amounts ranging up to $4 million. A number of financing options are available.

Special Mortgage Programs

We offer a variety of special loan programs designed for homebuyers with special needs. Whether you have limited income, you are a first time homebuyer, have bad credit, etc., we have a program that may work for you.

Adjustable Rate Mortgages (ARMs)

ARMs are tied to a market index and are popular with some borrowers because an ARM typically offers a lower starting rate than a traditional fixed rate loan. The interest rate on an ARM loan can adjust upward or downward according to a specific schedule. A "cap" limits the amount it may rise. An ARM loan may be an excellent loan for someone not planning to stay in their home for a long period of time. A number of plans are available offering interest rates that are fixed for the first one, three, or five years.

Lot Loan

Financing 80% of the Sales Price up to $500,000.

Custom Construction Loan

Our Construction Loan provides you with a lot of flexibility to fit your specific situation and needs, including: new construction, remodeling, Stated Income, gift funds for down payment, and owner/builder, to name just a few.

Government Insured Mortgages

FHA, VA (Veterans Administration), and RECD (Rural Development) loans offer very attractive down payment options to qualified buyers. Some loan programs even allow up to 100% financing.

Balloon Mortgages

Payments are amortized over a 30-year period, and generally provide for a lower interest rate than the 30 year fixed rate loan. The loan matures at the end of the payment term, such as five years, and then the remaining balance is due in full, upon which you can pay off the loan in full or refinance.

Refinance

If you are considering a refinance for Debt Consolidation, a Remodel Project or to change your Rate and Term, or any other reason.

Other

Contact us now and we will find a program that fits your lifestyle.

The Mortgage Loan Process

You may think getting approved for a mortgage is a long and drawn-out process.

We are ready to work with you and show you how My Mortgage Charity can make the home financing process as easy as 1-2-3.

To help you better understand the process, we've provided a step-by-step guide.

Step 1

- Initially, you will submit a Residential Mortgage Loan Application. You may do this by meeting in person with a Mortgage Loan Officer, mailing or faxing in your application. No matter how your application is submitted, you will work with an experienced Mortgage Loan Officer throughout the entire process. Please feel free to Contact Us to request an application.

You will need to provide documentation in order to get your loan approved. Once your application has been received, your file will be assigned to a Mortgage Loan Processor. The Loan Processor and Loan Specialist will work as a team to gather all the supporting documentation required before your loan is reviewed for an approval. This step is often referred to as "processing" your loan application. A copy of your credit report will be ordered as well as verifying employment, assets, liabilities, etc.

It is during the processing stage that your loan application will be submitted to an automated underwriting application like Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector. The use of these software applications has become an industry standard and makes the review of your loan much quicker and standardized to ensure adherence to fair lending practices. It has also reduced the amount of paperwork required to get a loan approval.

During processing, an appraisal of your property will be ordered. This is used to determine the value of the home you are purchasing or refinancing. The appraiser will contact you or your Realtor for access to the property soon after the actual appraisal is ordered.

Within three business days of submitting your application to us, we will provide you with a Good Faith Estimate of Closing Costs and a Truth In Lending Disclosure. These important documents are to help you review the estimated costs you may incur with your pending loan transaction. Be sure to review these carefully and ask your Mortgage Loan Officer or Processor any questions you may have.

Step 2

- Once all the documentation for your loan application has been received, the loan is sent to the next phase in the process. This is called Underwriting. During Underwriting, the file is reviewed to make sure it meets the guidelines of the lender’s specific loan program for which you are applying. Underwriting will review:

  1. Credit - how you've paid your debts in the past.
  2. Capacity - which is your actual liability to repay the loan based on your income and other debts you are paying.
  3. Collateral - the value of the property you are buying or refinancing and are pledging as "collateral" for the loan.

While we try to obtain all required documentation prior to the file going to Underwriting, additional documentation may be required during the process. Underwriting will make the loan decision regarding your application.

If your loan is not approved, DO NOT PANIC! Talk with your Mortgage Loan Officer about the specific reasons your loan was not approved. See if further information may be provided to gain an approval. Or, if a plan of action could be put into place to work through the underwriting issues.

Step 3

- When the loan is approved, you are ready to move to the final stages of the process. This step is referred to as closing. Your Mortgage Processor will work with the Closing Department to ensure the closing of your loan goes smoothly. We will work with the closing agent to prepare the documents required to close the loan. You will actually go to the closing agent's office to close the loan (usually a title company.) Closing is simply signing all the necessary legal papers to formally complete the loan transaction and for the loan proceeds to be disbursed.

Closing culminates the loan process. Shortly after closing you will receive information about the schedule of your monthly mortgage payment. If you have not received this information by the time your first payment is due, go ahead and make your payment. During the closing process you will receive a First Payment letter that lists the correct payment and the address where your payment should be sent.

If you have any questions about programs or the loan process, please contact us. We would love to answer your questions.

Apply Now!