Purchasing a New Home
If you are in the market to purchase your first home, your next home or a vacation home, you will find the answers and advice you need when speaking with a TJC Mortgage, Inc. loan officer. We just celebrated our 10-year business anniversary. We are licensed in Alabama, Arkansas, Colorado, Florida, Georgia, Louisiana, Maryland, Michigan, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Refinance Existing Loan
If you are looking for a lower rate, shorter term, or debt consolidation options, we can help you make the right decision. If you are interested in a cash-out refinance for home repair, an addition, remodel, college tuition or a special occasion – TJC Mortgage, Inc. has you covered with. We offer a variety of mortgage options and excellent client service. We look forward to hearing from you!
Conventional (conforming) mortgage loans are financed and insured by private lenders and investors, rather than being insured by the Federal Government (FHA). Conventional loans are often sold to Freddie Mac (FHLMC) or Fannie Mae (FNMA), the largest source of loan funds in the United States, who purchase closed mortgages, freeing up funds so lenders can make more home loans. A conventional loan may also offer the choice to pay homeowners insurance and taxes directly, rather than be included in the monthly payment. Generally, a conventional loan will be approved faster, as there is less paper work to be processed. If you can meet the criteria and especially if you can pay 20% down, a Conventional loan may be right for you. For more information about non-forming conventional loans, click here.
A FHA (Federal Housing Administration) loan is a government-insured mortgage loan. An FHA loan has features that may make it easier for first-time homebuyers to achieve the dream of homeownership with low down payment options, flexible credit and income guidelines and a fixed-rate. FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan and sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing. To learn more about the advantages of FHA loans, click here.
Jumbo mortgages are home loans that are bigger than normal. Jumbo mortgage loans exceed the ‘conforming limit’ or amount of the maximum loan amount that Fannie Mae and Freddie Mac will buy. In most housing markets that amount is $417,000 and any mortgage more than that is a jumbo mortgage loan. Jumbo loans are available for primary residences, second or vacation homes and investment properties and are also available in a variety of terms. They are offered in both fixed-rate or adjustable-rate loans and may have higher interest rates than conforming and conforming high-balance home loans. Jumbo loans may also require stricter underwriting and may have larger down payment requirements. For more information on securing a loan for your new vacation home, click here.
The VA loan remains one of the few mortgage options for borrowers who do not have a down payment. VA loans are available to more than 22 million veterans and active military members.The U.S. Department of Veterans Affairs is not a direct lender, therefore the loan is made through a private lender and partially guaranteed by the VA so long as guidelines are met. Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. TJC Mortgage, Inc., Veteran Owned and Operated, understands the needs and requirements of our veterans and remains steadfast in honoring their dreams of homeownership. Learn more about VA Loans here.
No PMI Loan
For many individuals and families who are looking at purchasing a home, private mortgage insurance (PMI) can be a major cost factor. This kind of insurance is expensive and is a general requirement imposed on property sales by the lender. You probably already know that if you can provide 20% or more of the entire loan amount as a down payment, you can avoid private mortgage insurance entirely. But, not all consumers understand how this insurance works and many home buyers just need some help when figuring out all of their options. TJC Mortgage, Inc. can educate you about the PMI requirements and assist you with eliminating the added expense of private mortgage insurance.
USDA loans are mortgage loans guaranteed by the U.S. Department of Agriculture. The program is officially known as the USDA Rural Development Guaranteed Housing Loan Program (Section 502 Loan). USDA loans are also known as ‘Rural Housing Loans’, however USDA loans can be used in many suburban areas as well dependent upon eligibility. USDA loans are popular among today’s home buyers because the USDA program offers no-money-down financing where homebuyers can finance 100% of a home’s purchase price and can also use when purchasing a modular home. USDA mortgage rates are typically lower than the rates for FHA, VA and Conventional mortgage rates and may offer reduced mortgage insurance rates to its borrowers. If you think you qualify for a USDA loan, please click here for more information.
Reverse Loan (HECM)
A reverse mortgage is a loan for senior homeowners that uses the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving borrower permanently moves out of the property or passes away – as long as the terms of the mortgage are met. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. Any remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62 and the home must be owned free and clear or all existing liens. You must also have the financial resources to pay ongoing property taxes and insurance – and you must live in the home. To learn more about Reverse Mortgage Loans, please click here.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. (ML 2014-10)
The Loan Process
Apply Online, by Phone, by Fax, by Email or at your local TJC Mortgage, Inc. Office.
Your Loan Officer will give you a list of documents that we need to process the loan application.
TJC Mortgage, Inc. will hire a qualified appraisal expert to determine the value of the home you want to purchase.
The loan documents go through final processing to finalize the loan process and get ready for closing.
We submit all of your information and documents to our underwriters for loan approval.
We get approval for your loan, sometimes there are conditions that need to be met before closing.
Your TJC Mortgage, Inc. loan officer works with you all the way through to the closing when you get the keys to your new home.
Congratulations on Purchasing Your New Home! Your TJC Mortgage, Inc. loan officer was with you through out the entire home buying process.
Apply By Phone
Call TJC Mortgage, Inc.
Talk to an experienced loan officer
and complete your loan application
over the phone
Go to the TJC Mortgage, Inc. Website
and click Apply Now
Complete the online loan application
on our secure server and
submit your application directly online
Apply by Email or Fax
Go to TJC Mortgage, Inc. Website
Download the loan application and print
Email your completed application to email@example.com
or Fax to 205-856-6400