{"id":6596,"date":"2021-01-15T04:32:52","date_gmt":"2021-01-15T04:32:52","guid":{"rendered":"https:\/\/teammandi.com\/?page_id=6596"},"modified":"2021-12-24T09:14:05","modified_gmt":"2021-12-24T09:14:05","slug":"loan-programs","status":"publish","type":"page","link":"https:\/\/www.teamlocsin.com\/loan-programs\/","title":{"rendered":"Loan Programs"},"content":{"rendered":"
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There’s a variety of mortgage products to choose from, and finding the right one for your home purchase
or refinance is a passion for our loan officers. You can read more about each product here,
but feel free to reach out to one of our specialists to learn more about each program.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”https:\/\/teammandi.com\/contact-us\/” button_text=”Contact Us” button_alignment=”center” _builder_version=”4.14.4″ custom_button=”on” button_text_color=”#000000″ button_bg_color=”#FFFFFF” button_border_color=”rgba(0,0,0,0)” button_font=”Montserrat|600|||||||” button_use_icon=”off” custom_padding=”10px||10px||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.4.3″ global_colors_info=”{}”][et_pb_row _builder_version=”4.4.3″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.4.3″ global_colors_info=”{}”][et_pb_text _builder_version=”4.4.9″ header_font=”|700|||||||” header_text_align=”center” header_font_size=”44px” header_3_font_size=”20px” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.4.9″ global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.4.9″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#64c4c5″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block1″ _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#66c8c9″ header_2_font=”|700|||||||” header_2_text_color=”#66c8c9″ header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n
<\/p>\n
The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty.<\/p>\n
Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.4.9″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_color_all=”#eb8c5b” border_width_top=”5px” border_color_top=”#e78a5a” box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img” _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#e78a5a” header_2_font=”|700|||||||” header_2_text_color=”#e78a5a” header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n <\/p>\n FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements.<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.4.9″ global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.4.9″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#f9a57c” box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block2″ _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#f9a57c” link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#f9a57c” header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n <\/p>\n USDA loans are mortgage loans that help make purchasing a home more affordable for those living in rural areas. The U.S. Department of Agriculture backs USDA loans in the same way the Department of Veterans Affairs backs VA loans for veterans and their families.<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.4.9″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_color_all=”#eb8c5b” border_width_top=”5px” border_color_top=”#e16226″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block3″ _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#e16226″ link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#e16226″ header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n <\/p>\n Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Refinancing can allow you to get into a new, lower interest rate and reduce your monthly payment. You can also use a refinance to tap into equity or consolidate debt.<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.14.4″ global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block4″ _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#5b95cf” link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#5b95cf” header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.<\/p>\n The Veterans Administration provides insurance to lenders in the case that you default on a loan.<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_color_all=”#eb8c5b” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block5″ _builder_version=”4.4.7″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#24b8b2″ link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#24b8b2″ header_2_font_size=”30px” custom_padding=”30px|15px|30px|15px|false|false” global_colors_info=”{}”]<\/p>\n A conventional mortgage is a home loan that isn\u2019t backed by a government agency, such as the FHA or VA. Conventional mortgages often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row make_equal=”on” _builder_version=”4.14.4″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_color_all=”#000000″ border_width_top=”5px” box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text module_class=”loan_block_img block7″ _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”30px” header_2_line_height=”1.2em” custom_padding=”30px|15px|30px|15px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n <\/p>\n As a gesture of gratitude to local public safety professionals working on the frontlines of the COVID-19 pandemic, Premier Mortgage Resources, LLC, has launched a new home loan savings program, called \u201cHometown Heroes.\u201d<\/p>\n Learn More \u2192<\/a><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”sub_products” _builder_version=”4.14.4″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”23px” header_2_line_height=”1.2em” custom_padding=”30px|20px|20px|20px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.<\/p>\n Learn More \u2192<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”23px” header_2_line_height=”1.2em” custom_padding=”30px|20px|20px|20px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest…<\/p>\n Learn More \u2192<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”23px” custom_padding=”30px|20px|20px|20px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n A mortgage is called \u201cInterest Only\u201d when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARMs.<\/p>\n Learn More \u2192<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”sub_products” _builder_version=”4.14.4″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”23px” header_2_line_height=”1.2em” custom_padding=”30px|20px|20px|20px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n To understand an ARM, you must have a working knowledge of its components. Those components are: Index: A financial indicator that rises and falls, based primarily on economic fluctuations.<\/p>\n Learn More \u2192<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.14.4″ background_color=”#ffffff” border_radii=”on|5px|5px|5px|5px” border_width_top=”5px” border_color_top=”#000000″ box_shadow_style=”preset1″ global_colors_info=”{}”][et_pb_text _builder_version=”4.14.4″ text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.5em” link_font=”|700||on|||||” link_text_color=”#000000″ link_font_size=”16px” header_2_font=”|700|||||||” header_2_text_color=”#000000″ header_2_font_size=”23px” header_2_line_height=”1.2em” custom_padding=”30px|20px|20px|20px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Bank Statement program may help eligible self-employed borrowers purchase or refinance a home. This program uses the borrower\u2019s business bank statements to help calculate their income without requiring tax returns.<\/p>\nFHA Loans<\/h2>\n
USDA Loans<\/h2>\n
Refinance<\/h2>\n
VA Loans<\/h2>\n
Conventional Mortgage<\/h2>\n
The Hometown Heroes Program<\/h2>\n
Adjustable Rate Mortgages (ARM)<\/h2>\n
Hybrid ARMs (3\/1 ARM, 5\/1 ARM, 7\/1 ARM, 10\/1 ARM)<\/h2>\n
Interest Only Mortgages<\/h2>\n
Components of Adjustable Rate Mortgages<\/h2>\n
Bank Statement Loan<\/h2>\n