Loan Programs

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Loan Programs

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With your personalized portal, easily check the status of your loan, securely upload personal documents, and have clear communication throughout the process. There is also an application available for your convenience?

The 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. This type of mortgage is structured, or “amortized” so that it will be completely paid off by the end of the loan term. There are also “bi-weekly” mortgages which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 “months” worth, every year.) Even though you have a fixed rate mortgage, your monthly payment may vary if you have an “impound account”. In addition to the monthly loan payment, some lenders collect additional money each month (for people who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners’ insurance. The extra money is put in an impound account by the lender who uses it to pay the borrower’s property taxes and homeowners’ insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower’s monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

Adjustable Rate Mortgages or ARMS typically allow borrowers to make smaller payments during an initial fixed-rate period. The rate later fluctuates, or adjusts, dependent on market interest rates. If you are considering to own your home for only a few years or expecting you income to grow in the future, an ARM may be a good option to consider if a fixed- rate mortgage interest rate proves to be too high. The most standard plan is the five-year ARM, where the initial fixed-rate remains for five years before the first adjustment.

FHA mortgages are insured by the Federal Housing Administration, a federal agency within the Department of Housing and Urban Development.
FHA mortgages are government-assisted alternatives to conventional financing and are great options for those who want to put less money down or who have lower credit scored. They are popular for home purchases and for refinancing. While these mortgages do require expenses in the form of monthly mortgage insurance, they still enable many homeowners who don’t qualify for conventional financing to purchase or refinance home.
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.
The Veterans Administration provides insurance to lenders in the case that you default on a loan. Since the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.
Additionally there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.

Buying your first home can be very exciting and overwhelming at the same time. Epic Mortgage is here to assist and guide you every step of the way. Unfortunately, there is no specified loan specifically for people who are first time home buyers. However, with a consultation from our knowledgeable loan officer, we will be able to see which program would work for your benefit. Some of the more popular ones used are a fixed-rate mortgage, FHA loan, and VA loan

The United States Department of Agriculture, USDA, administers the program but does not actually loan money. Similar to loans backed by the Department of Veterans Affairs, VA, or Federal Housing Administration, FHA, these loans are guaranteed by the USDA. Private lenders, such as banks or credit unions, still loan money to the home buyer but they know that the USDA will pay if the borrower is unable.
This allows lenders to assume less risk, and as a result they are okey requiring less money down.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250 in most countries, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non- conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans cant be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

From investment property to vacation home. Your investment is within reach! With a consultation with our Loan Officer, see the options of the different programs that we can offer based on certain variables and credentials.

Fix your fixer upper home with a Renovation Loan. If you have found the perfect home but it needs renovation, you can purchase the home and roll the costs of the renovations into your loan.
An FHA 203(k) Loan, also called a Renovation Loan, allows buyers to finance the cost of the home and the renovation in one mortgage with a low rate.
The VA also offers a similar option for military and veterans to purchase a home and finance the required renovations to bring it up to standards set by the VA.
Renovation loans have similar qualification requirements to a standard FHA or VA loan, with additional documentation needed related to the renovation.

A mortgage is called “interest only” when its monthly payment does not include the repayment of principle for a certain period. Interest Only Loans are offered on fixed rate or adjustable-rate mortgages as well as an option ARMs. At the end of the interest only period, the loan becomes fully amortized, thus resulting in greatly increased monthly payments. The new payment will be larger than it would have been if it had been fully amortizing from the beginning. The longer the interest only period, the larger the new payment will be when the interest only period ends.

With our one-time-close construction loan, you can roll the financing for the land and the building of your home into a single loan – and, best of all, a single closing cost. Plus, your loan becomes permanent when your house is done. No requalifying, no refinancing, no closing, just the keys to your new home.

Our Non-QM loans provide a wide range of options and revolutionary guidelines that are designed to provide today’s borrowers more choices and a positive lending experience.
We provide a wide range of options, such as bank statement programs for the self-employed, investor solutions using cash-flow qualification, and derogatory housing/credit event solutions. They accommodate first-time homebuyers and seasoned homeowners alike in financing or refinancing a new home, second home, or investment property.
In technical terms, a mortgage refinance represents the restructuring of an existing loan’s terms to different parameters. However, in a realistic sense, a mortgage refinance can mean new possibilities and greater flexibility for homeowners who have an existing loan.
By refinancing your mortgage, you may enjoy lower monthly payments, which can free up funds for other investments or purchases. However, finding the best conditions for a mortgage refinance can be tricky, so it helps to partner lender that has experience gauging the market and connecting homeowners with more attractive loan terms.
Homeowners most often turn to a mortgage refinance to save on their monthly payments. This type of financial action can reduce interest rates, thereby successfully scaling back what borrowers pay each month and over the life of the loan.

A 15-year mortgage minimizes your total borrowing costs. You’re getting a lower interest rate, and a larger chunk of your monthly payment goes towards paying down the loan principal instead of interest owed. So, you’re building equity faster and spending less on overall interest.

A 30-year mortgage is one of the more popular loans. This loan does, however, have more time for interest to accrue.

As your home increases in value and you pay money toward your loan principal, you grow your home’s equity. That equity can be accessed as cash via a mortgage cash-out refinance.
Your lender will help you replace your current mortgage with a new one that has a higher balance. You are refinancing for more than you owe. So, the funds you receive pay off your existing loan. Then, the difference between the two loans is distributed as one lump sum of cash.

The HARP mortgage program gives borrowers in the position of owing more on their mortgage than their home is worth an option to refinance to lower rates, keep more of their money every month, and build equity once again.