|
At Savannah Mortgage, different describes our attitude to
lending. Instead of offering you a few, standard loan options, we search
the financial world for a wide selection of loans to meet your needs.
Our customized mortgage loan process allows us to create exactly the
loan you require. Even if you've had credit problems, high credit debt
or are self-employed, we'll work diligently to find and close the loan
you require. Best yet, we do the work for you, contacting and
researching the most competitive lenders available, then providing you
with clear, simple steps throughout the loan process. At Savannah
Mortgage, where other lenders end, we're just beginning and we will work
with you to realize the perfect loan for your needs.
Most home loans fall into one of two general categories: fixed-rate
mortgages (FRMs) and adjustable rate mortgages (ARMs).
Fixed Rate Mortgages offer interest rates that stay the same for
the entire loan term.
Fixed Rate Mortgages offer:
Predictable payments. The monthly principal and interest payment is
fixed over the life of the loan.Protection from rising interest rates.
No matter how high market interest rates go, your mortgage rate remains
the same over the life of your loan.
Fixed Rate Mortgages Are Best For People Who:
Prefer regular payments with no surprise
Are on limited or fixed incomes
Plan to stay in their homes a long time
Are buying a home at a time when interest rates are comparatively low
Fixed-rate mortgages (FRMs) give you the security of knowing your
monthly principal and interest payments will not change. Savannah
Mortgage offers a variety of conventional, customized and progressive
fixed-rate loans, in both conforming and jumbo loan amounts, with terms
ranging from 10 to 30 years.
Adjustable Rate Mortgages have interest rates that adjust
periodically based on market conditions.
Adjustable-Rate Mortgages Offer:
Lower monthly payments. Because the initial interest rate is lower than
with a traditional fixed-rate mortgage, you'll save on your monthly
payments during the early years of the loan term. More buying power.
Qualification is based on the lower initial payments, so you can get a
larger loan amount.
A variety of fixed-period options. Depending on the ARM product you
choose, the initial fixed-rate period may last for one year (1-year
ARM), three years (3/1 ARM), five years (5/1 ARM), seven years (7/1
ARM), or even ten years (10/1 ARM).
Adjustable-Rate Mortgages Are Best For People Who:
Need a larger loan amount than they can qualify for with a fixed-rate
mortgage
Want to save money in the short term
Plan to move or refinance within a few years
Are purchasing or refinancing at a time when interest rates are
comparatively high
Adjustable-rate mortgages (ARMs) feature an interest rate that is fixed
for an initial period, then adjusts periodically based on market
fluctuations. Savannah Mortgage offers a variety of conventional,
customized and progressive adjustable-rate loans, in both conforming and
jumbo loan amounts, with terms ranging from 1 to 10 years.
Interest Only
Low monthly payments consisting only of interest for the first five or
seven years
Available with 5/1 and 7/1 adjustable- rate loans
Homebuyers looking to increase their short-term cash flow
Homebuyers who intend to move or refinance within a few years
Jumbo Loans
Mortgage amounts in excess of the conforming loan limit of $333,700 set
by Fannie Mae and Freddie Mac
Also known as non-conforming loans
Typically carry higher interest rates
Homebuyers who need financing to purchase a more expensive property
Investment-minded buyers who can afford a large purchase, but want to
leverage their assets more effectively
Blend Jumbo Loan
A fixed-rate loan up to the conforming loan limit, combined with an
adjustable-rate second mortgage to cover the rest of your home purchase
Lower monthly payments than with a regular jumbo loan for the same total
amount
Expanded Financing Loans
Alternate documentation options for income, debt, and credit
Less hassle for self-employed borrowers or foreign nationals
Financing for unusual property types, such as condotels and log or earth
homes
Self-employed homebuyers or foreign nationals who may have trouble with
typical mortgage documentation requirements
People interested in financing unusual property types
Bridge Loan
Financing to purchase a new home before the existing home is sold
More buying power, because existing mortgage payments aren't considered
for qualification
First-and-Second-Mortgage Combination
Combines a first mortgage with a home equity loan
Home equity loan can supplement down payment funds to bring the loan-to-
value ratio down to 80%, bypassing mortgage insurance costs
Homebuyers without enough cash for a large down payment
Homebuyers who don't want to liquidate higher-yielding investments for a
down payment
Bypasses mortgage insurance costs when loan-to-value ratio is less than
80%
Money that would have gone to mortgage insurance goes instead to tax-
deductible interest payments
Homebuyers without enough cash for a 20% down payment
|
