Do you prefer regular mortgage payments with no surprises? Plan on staying in your home for a long time?
Fixed-Rate Mortgages offer:
Predictable payments - There are fixed monthly payments for the life of the loan.
Protection from rising interest rates - For the life of the loan-- no matter how high market interest rates go up-- your rate remains the same.
Best for people who:
Prefer regular payments with no surprises
Are on limited or fixed incomes
Plan to stay in their homes a long time
Are purchasing or refinancing at a time when interest rates are comparatively low
Fixed-rate mortgages offer the same interest rate, monthly principal and interest payment throughout the entire term of the loan. AccuBanc Mortgage offers a variety of terms in conforming loans, jumbo loans and government loans (FHA and VA). The longer the term, the lower the monthly payments and the more cash you'll have for other expenses. With a shorter term, you'll have higher monthly payments and you'll qualify for a smaller loan amount, but you'll save on interest costs over the life of the loan and build your equity faster. The fixed-rate mortgage loan is the "traditional" choice and is still the most popular because it offers stability and predictable monthly payments.
80/10/10, 80/15/5, 75/20/5
Want to avoid the added cost of Mortgage Insurance? Interested in sidestepping higher jumbo interest rates?
Combining a first mortgage plus a second mortgage loan offers:
Cost effective down payment strategy: bypass the added expense of mortgage insurance while making a down payment as low as 5%.
Lower interest rate: purchase a larger home with a smaller first mortgage, avoiding the higher interest rate of a jumbo loan.
Simplicity: one application, one closing, one set of closing costs equals a two-in-one process saving time and reducing fees.
Best for:
First-time homebuyers trying to save for a large down payment.
Move-up buyers with high-yielding investments who would rather use a home equity loan as a down payment instead of liquidating their assets.
People delaying the purchase of a home because they are expecting to use a bonus, commission check or inheritance funds toward the down payment.
The home equity products can be used in various combinations in conjunction with a wide array of first mortgage products including Fixed-Rate, ARM and Balloon loans. We can assess your needs and help you choose a combination of loan programs that will best fit your individual needs.
Adjustable Rate Mortgage
Plan on being in your home 10 years or less? Need a lower rate to qualify for the house you desire?
Intermediate ARMs offer:
Low introductory rate - substantial monthly savings with attractively priced 10/1, 7/1, 5/1 and 3/1 ARM options.
Predictable monthly payments - Intermediate ARM options are offered at a low introductory rate that remains fixed for the first ten, seven, five or three years.
Low down payment options – Down payment requirements as low as 5%.
Best for people who:
Plan to stay in their homes for a limited time.
Need lower initial payments to buy a home they might not otherwise be able to afford.
Are confident their future incomes will rise enough to handle potentially higher monthly payments.
Intermediate ARMs offer the low introductory rate of an adjustable rate mortgage combined with the security of a fixed-rate mortgage for a defined number of years. We offer several intermediate ARMs with down payment options as low as 5% and competitive rates that could help borrowers save thousands of dollars over the life of the loan. The intermediate ARM is available in both conforming and non-conforming loan amounts.
Interest-Only Feature
Rather invest your money in high-yield and tax-deferred savings? Need extra cash to pay off high-interest, non-tax-deductible consumer debt?
The Interest-Only feature offers:
Reduced monthly payments - With our Interest-Only feature, your monthly payment consists of interest alone for the ten, seven, five or three years. This increases your cash flow - making homeownership more affordable.
Financial diversity - Redirect your cash flow to supplement your savings or investment funds, maximize your contributions to 401k or other tax-deferred retirement accounts, or pay off any higher-cost, non-tax-deductible debts. It's your money to use as you see fit.
Greater tax deductions - Because payments are interest-only, you may benefit from larger interest deductions during the interest only period.
Flexibility - You are welcome to make principal payments during the "interest only" period, but are not required to do so.
Best for people who:
Are very focused on money management
Want to reduce their monthly mortgage payment
Do not intend to be in their homes more than a few years
With our 10/1, 7/1, 5/1 and 3/1 Interest-Only Adjustable Rate Mortgages (ARMs), your monthly payment consists of interest alone, with no principal, for the first ten, seven, five or three years. Lower payments mean increased cash flow each month so you can enjoy the benefits of homeownership today, while still funding your plans for tomorrow.
Limited Doc, No Ratio and No-Doc Loans
These loan programs are designed to meet the needs of borrowers who have complex financial situations, want to limit the amount of documentation they need to provide, or allow them to get a mortgage when they do not meet the guidelines for other mortgage programs.
Best for People who:
Are self-employed with good credit but avoid purchasing or refinancing a home due to excessive documentation requirements
Want to purchase a new home without selling their current home and can’t qualify for both homes using other mortgage loan programs.
Are going through a situation such as a divorce where they are still obligated to make payments on another property and can’t qualify using other mortgage programs.
100% Loans
If you have limited funds to purchase a home or would rather use your funds for other investment options, a 100% loan may be your best choice. There are many types of 100% loans. Some loans offer an 80/20 option with no private mortgage insurance. Other loan programs will loan your up to 107% of the purchase price to assist in paying the closing costs. .
Best for people who:
Have limited savings.
Have savings but don’t want to liquidate higher-yielding investments for a down payment.
FHA Loans
An FHA Loan is geared toward first-time homebuyers with a goal of assisting moderate to low-income families into homes of their own by providing incredibly reasonable and achievable mortgages. This type of loan is officially considered a 2.25% down mortgage; however, your down payment, closing costs, and pre-paid costs can come from a gift, a secured loan, a retirement fund, an investment or 401K, or any number of approved sources apart from your pocketbook! The underwriting requirements are flexible to help borrowers qualify.
Best for people who:
Homebuyers with limited savings
Low-to-moderate income homebuyers
Borrowers with credit issues or high debt ratios
VA Loans
A VA Loan is available only to veterans and is geared toward providing modest housing for individuals with moderate to low incomes. This is truly a ZERO down payment mortgage. The loan amount is 100% of the sales price of your new home, plus the VA funding fee - the loan amount is actually slightly higher than the price of the home! Closing costs and pre-paid costs can come from a gift, an unsecured loan, a retirement fund, an investment or 401K, or any number of approved sources. In most cases, the seller can pay the closing costs and prepaid items. The underwriting requirements are flexible to help borrowers qualify.
Qualified veterans, reservists, active servicemen and women and their spouses
Eligible first- or second-time homebuyers who have low-to-moderate incomes and/or limited savings
