 Interest
only programs
An interest
only mortgage is one that gives you the option of paying just
the interest or the interest and as much principal as you
want in any given month during an initial period of time.
Interest only loans can be 30-year fixed-rate mortgages or
adjustable rate mortgages. The Local Loan offers home loans
that are interest only for the first three, five, seven or
ten years.
If you choose to make the interest only payment,
your monthly payment will be lower than it would be with an
interest and principal payment. Your interest rate may or
may not be lower than a traditional mortgage, but you will
have the option of flexible payments. Interest only loans
allow you to control your payment amount and your cash flow
in any given month during the interest only period.
“Have a professional
create the perfect loan for you!”
Fixed
loans
A
fixed loan is a loan, generally for 30 years, that has a set
payment for a specific period of time. For Example; a 30 year
fixed loan with a $1354 monthly mortgage payment would have
that same $1354 monthly payment for the remaining time of
the loan until the principle balance is paid off.
“Have
a professional create the perfect loan for you!”
1%
interest ARM loans
The
1% interest ARM program is available to homeowners with lots
of equity. It allows you to select your payments and give
you the flexibility to choose to pay interest only or the
combined interest and principal. Your monthly mortgage payment
can be up to 50% lower than a traditional mortgage!
-
You can pay the 1% only for up to 5 years
-
You can pay interest-only mortgage payments
-
You can choose to pay more toward your principal at any
time.
-
You can chose to pay off your home in 15 years
“Have
a professional create the perfect loan for you!”
Customized
mortgage plans
Any
staff member of The Local Loan can gather some basic information
and create a customized program that will work specifically
for you and your family. Generally, we ask for:
- Approximate
property value
-
Monthly income
-
Balance owed on the mortgage
- Current
debts
“Have
a professional create the perfect loan for you!”
Home
Equity Line of Credit
Would
you like a 2nd on your mortgage? Ask a representative about
the advantages of getting a home equity line of credit.
“Have
a professional create the perfect loan for you!”
100%
financing
When
buying a home, some future homeowner may or may not have the
cash for a down payment. This is an option for folks that
want to purchase a home but don’t have the down payment
that is usually needed for the transaction.
100% financing programs can be customized based on the property
asking price, your monthly income and/ your credit.
“Have
a professional create the perfect loan for you!”
1st
Time buyer
Thinking
about buying your first home? You’re in the right direction
towards financial stability. Becoming a homeowner is an enormous
step for anyone. Find out what you’re approved for as
a borrower. Do the calculations to find out what you will
be comfortable with for mortgage payments.
“Have
a professional create the perfect loan for you!”
Refinance
- Cash-out:
This may be the most popular refinance out there. Turn your
equity into cash. Your home may be worth $400,000 but you
only owe $200,000. This means that you have $200,000 worth
of equity in your home. You may Cash-Out on some or most
of it. Cash out on your equity for home improvements, over-due
vacation, new car, college funds or just about anything.
- Fixed-Rate:
Taking your existing mortgage and getting a new rate &
term for it. You currently pay 6% or 7% or 8% interest on
your mortgage, this type of refinance will allow you to
take your existing mortgage and get a much better interest
rate which will lower your payments significantly.
- Do
you have debts? Credit cards, automobiles, Adjustable home
equity line of credit can be consolidated into your mortgage
and lower your monthly out-go significantly. Why pay those
high interest rates when you can pay it all off and start
fresh.
- Over
the years, you’ve kept a good payment history with
your current lender, isn’t it about time to use the
credit you’ve built up all this time for your own
benefit? Take your loan to a different lender and reduce
your monthly mortgage payment.
“Have
a professional create the perfect loan for you!”
|
Interest
only programs
