Loan Programs
Confused about what kind of loan you should apply for? It’s no wonder -
there are all kinds of terms in the industry to describe loans, products,
and features, and when these mixed in with program names, it can get
pretty confusing real quick. Not even everyone in the industry agrees on
exactly what different terms mean when used in this way. So let’s keep it
simple:
A loan program is simply a group of loans.
We’ve organized our loan programs based on the program meeting a common
set of borrower needs and objectives. That makes these programs a great
starting point for navigating the many loan products that are out there,
figuring out what kind of loan you'd like, and applying for the right
one.
Standard Purchase Mortgage Program
This program is for your basic purchase mortgage. Standard refers to the loans in this program all meeting a standard set of guidelines, which means the loan itself may be issued by several different lenders.
Refinance Mortgage Program
A Refinance Mortgage is the type of mortgage financing where the borrower seeks to change the interest rate or the term (length) of the loan without taking out any cash. In other words, the primary purpose of the refinance is to secure more favorable loa
Cash-Out Refinance Mortgage Program
A refinancing option where the new mortgage amount is greater than the existing mortgage balance. The borrower refinances their home for more than the amount owed on the current mortgage and receives the difference in cash back at closing. The additional
First Time Homebuyer Program
These programs help first-time homebuyers purchase their first homes by offering lower downpayment options, down payment and/or closing cost assistance, flexible qualification criteria and in some cases, government backed insurance.
Low Down Payment Program
Provides borrowers with the opportunity to purchase a home using less than 5% down payment. Most of these programs also allow for down payment and/or closing cost assistance programs to be used in conjunction with the loan.
Down Payment Assistance (DPA) Program
A type of financial assistance designed to help individuals/families who meet certain eligibility requirements with their down payment when purchasing a home. They are typically combined with the First Time Homebuyer or Low-Down Payment Assistance Loan P
Closing Cost Assistance (CCA) Program
A type of financial assistance designed to help individuals/families who meet certain eligibility requirements with their closing costs when purchasing a home. They are typically combined with the First Time Homebuyer or Low-Down Payment Assistance Loan
Home Renovation Loan Program
Home renovation loans allow borrowers to finance the costs associated with upgrading, remodeling, or repairing a home.
Home Equity Loan Program
A home equity loan provides for borrower’s money against the difference between your home’s value and outstanding mortgage.
Home Equity Line of Credit (HELOC) Program
HELOC is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home. It allows you to borrow and repay funds on an as-needed basis during a specified period of time.
Reverse Mortgage Program
A reverse mortgage is a type of home loan that allows homeowners ages 62 and older to borrow against part of their home’s equity. Not many people realize that a reverse mortgage can also be used to buy a new home.
Credit Card Program
A credit card loan refers to the amount of money that a credit card holder borrows from the credit card issuer. When a person uses a credit card to make purchases, they are essentially taking out a short-term loan from the credit card company. The credit
Personal Loan Program
A personal loan is a type of unsecured loan that individuals can borrow from a financial institution, such as a bank, credit union, or online lender. Unlike secured loans, like mortgages or auto loans, personal loans are not backed by collateral such as
Don’t see a program that fits your needs?
Contact us, we’re here to help
