Loan Programs

Which Loan Program is right for me?

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Reverse Mortgages

We have the latest and Newest Programs.

There are several different Reverse Mortgage programs to consider. We will begin the evaluation process of determining which program is best for you by asking several questions:

1) Are you seeking monthly income for the next 5 or 10 years, or your lifetime?

2) Do you need an initial cash amount of $ 5,000, $ 10,000 or more to pay current bills and have a "cushion in the bank"?

3) Do we have to pay off a current mortgage and/or Home Equity Loan?

4) Would you prefer to designate part of, or all of your available Reverse Mortgage money to go into a Credit-line that you can draw against at any time?

With the answers to these questions, we can make recommendations and customize a program to fit your specific financial goals and strategy.

A Reverse Mortgage to Purchase a Home

If you are a Senior Citizen that qualifies for a Reverse Mortgage, you can qualify for a Reverse Mortgage Purchase loan. Why pay Cash for your new home, when you can use a Reverse Mortgage to purchase? No payments on a Reverse Mortgage are necessary, while you are living in the home as your primary residence. Don't use up your cash to purchase!

Forward Mortgages for Purchase and Refinance

With the numerous loan programs available today, we will refer you to a Mortgage Professional that shares the same values as Stu, to customize the loan program that best suits your needs. In our initial telephone conversation we will ask what your short and long term financing goals are. That is:

How long do you plan on living in your new home?

2 - 4 years

5 - 7 years or more

Do you prefer a fixed rate, or would you consider an adjustable rate mortgage?

Are you more comfortable paying principal & interest each month, or would you consider an interest only payment for a fixed number of years?

There are advantages to the fixed rate programs verses the adjustable rate programs, however we do have available a mix of both. The 3/1 ARM, 5/1 ARM & the 7/1 ARM offer a fixed rate for the initial period of 3, 5, or 7 years, and then annual adjustments thereafter. For an expected shorter period of home ownership the combination ARMS described herein may be an advantage because their interest rate is lower than that of a 15 or 30 year fixed loan.

Interest only loans are the most recent addition to the loan selection. This loan is designed to reduce your monthly expense for your mortgage payment, thus freeing up cash for other monthly expenditures. At considerably lower interest rates than the fixed rate loan, you have an option of this program with a fixed rate for 5 years interest only, or a program with an interest rate adjustment semi-annually. These are adjustable rate loans, however the index used to calculate the interest rate is the most stable index available, and historically has proven to stay well below the benchmark 30 year fixed program. An example of the monthly savings with an interest only loan is as follows:

$ 100,000 loan amt. @ 30 year fixed rate of 6.25 % = $ 626.40/ month principal & interest

$ 100,000 loan amt. @ 25 year interest only start rate of 4.00 % = $ 333.33/month interest only

SAVINGS/MONTH = $ 293.07

Note: Interest only payments for initial 10 yr. Period, with principal & interest payments due for balance of 15 years.

Loan programs for 1st time Homebuyers, little or no money downpayment loans, no income verification, and damaged credit loans are also available and will be customized to your needs. Besides our standard loan programs, we also have a large variety of unique programs to serve your needs:

Purchase a home with 0 down

Piggyback loans of 80-10-10 or 80-10-5 ( 80% 1st mortgage, 10% 2nd mortgage, & 10 % or 5 % of borrower funds). These programs avoid Private Mortgage Insurance which is normally charged with downpayments of less than 20 %.

Refinance, Debt Consolidation, Home Improvement loans.

Refinance to pay for school tuition

Cash out the equity in your current home

Qualify even if you have been turned down before

Loan programs for all sizes of home

purchase or refinance

Regardless of the mortgage amount, we have a loan program available. For Jumbo and Mega-Jumbo loans we have the sources to provide your financing.

Conventional loan amounts < $ 417,000

Jumbo loan amounts > $ 417,000 to $ 1,000,000

Mega-Jumbo > $ 1,000,000

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Contact Stu Naar

Phone: 561-995-2111

Toll Free: 800-616-4008

Cell Phone: 561-445-9905

Fax: 561-995-2111

Email: stun50@comcast.net