Meeting Your Mortgage Needs
As home loan professionals, we offer individualized consultations, refinancing options, programs, and more. Some of the benefits of working with mortgage specialists at Mortgage Producers, Inc. include:
- Free Credit Reports
- Free Pre-Approval
- 100% Financing
- Debt Consolidation
- Low Rates
- Special Programs for Renters
Life After Foreclosure or Bankruptcy
We understand that hard times come and go. If you have a foreclosure or bankruptcy in your past, that shouldn’t stop you from building equity in your future. Options are available to you.
The more information you have when researching home loans, the better position you could be in moving forward. We offer a number of different loan options meant to fit your needs.
These loans are not insured or guaranteed by a government agency and may include portfolio loans, sub-prime loans, conforming loans, or non-conforming loans. When borrowers put at least 20% down, they do not need to purchase mortgage insurance—something usually required for government-backed loans.
Special Home Equity Loans
Also known as a second mortgage, special home equity loans allow homeowners to borrow against their mortgage to build equity. These loans may be used to pay for a remodel, pay off other bills, or any way you see fit. A home equity loan is paid off in monthly installments, as you do with your mortgage.
High Debt Ratio Loans
When you have a high debt-to-income (DTI) ratio (monthly debt obligations vs. gross monthly income), it’s still possible to get a loan. There are a number of loan options available, depending on your exact debt-to-income ratio.
Government Loan Programs
Mortgages guaranteed by the United States Department of Veterans Affairs (VA) are called VA loans. The program is available to veterans, current members serving, and widows/widowers of the U.S. military. It’s in place to help veterans purchase homes without a down payment.
FHA Insured Loans
Backed by the United States Federal Housing Administration (FHA), these loans are in place to help those who may not have perfect credit. These loans typically come with lower down payments and require mortgage insurance.
USDA Rural Development
The USDA Office of Rural Development is an agency within the Department of Agriculture that issues loans, grants, and guarantees with the goal of improving life in rural areas of the country. These loans require no down payments for homebuyers eligible for the program.
Understanding Interest Rates
One of the more daunting pieces of information to digest when it comes to home loans is the interest rate. Simply put, the interest rate is the percentage of principal the lender charges to lend money. This amount is due along with each payment. The lower the interest rate, the easier the borrower could potentially pay off the loan in a timely manner. Because banks have their overhead costs and shareholders to think about, interest rates are often higher. Mortgage Producers, Inc. does not have the overhead cost or shareholders of major banks, so we can typically offer much lower interest rates on loans.
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