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Any Home Loan – “That’s our Specialty”
Conventional mortgage loans are not backed by the federal government. These loans conform to limits set by Freddie Mac and Fannie Mae. A conventional mortgage loan may be a fixed rate loan or an adjustable rate loan. A conventional loan generally requires a larger down payment. This loan offers the flexibility of paying homeowners insurance and taxes directly, rather than be included in your monthly payment.
Jumbo Mortgage Loans
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 require a longer approval and underwriting process and larger down payment requirements.
No PMI Loans
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 it all out. TJC Mortgage, Inc. can educate you about the PMI requirements and assist you with eliminating the added expense of private mortgage insurance.
The VA loan remains one of the few mortgage options for borrowers who do not have a down payment. Available to more than 22 million veterans and active military members, VA loans are often considered to be easier to qualify for than conventional mortgages. 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.
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.
Reverse Mortgage Loan
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. 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 of all existing liens. You must also have the financial resources to pay ongoing property taxes and insurance – and you must live in the home. You are also required to receive consumer counseling from an independent counselor from a HUD approved agency prior to obtaining the loan. If you meet these requirements and would like more information, TJC Mortgage, Inc. can assist you with the entire process.
Getting a new mortgage to replace the original is called refinancing. Refinancing is offered to allow a borrower an opportunity to obtain a different, and even better interest term and rate. The first loan is paid off, allowing the second loan to be created instead of simply making a new mortgage and throwing out the original one. For borrowers with a perfect credit history, refinancing can be a great way to convert a variable loan rate to a fixed loan rate, obtain a lower interest rate, shorten your loan term, cash-out for debt consolidation or home remodeling or send the kids to college. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the appraised value of the home.
Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
The VA offers a very unique refinance program designed to help veterans lower their mortgage payments. This program is available to all veterans who currently have a VA loan. Our staff at TJC Mortgage, Inc. has handled thousands of these refinances. We take pride in knowing that we make the refinance process simple and easy for our customers. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
We offer FHA Streamline Refinance and FHA Cash Out Refinance loans. A Streamline FHA Refinance loan allows you to quickly lower your interest rate, sometimes without an appraisal. An FHA Cash Out Refinance allows you to get money back from the equity in your home. Our staff at TJC Mortgage, Inc. has handled thousands of FHA refinances. We take pride in knowing that we make the refinance process simple and easy for our customers. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
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What Our Clients Have to Say
I really appreciate your professional service. I am a real sticker for getting back to folks. I take pride in that. Even if I do not have the answer I will at least acknowledge the E-mail. I see you are the same way. Thank you for your always prompt replies to my questions.
With regard to acquiring or refinancing a mortgage I would rather have a tooth pulled. You made it so easy and enjoyable. It was a real pleasure working with you.
Thank You & Kind Regards,
We just closed on a VA home loan refinance yesterday (8-13-15) with TJC Mortgage, Inc..
Our experience during this speedy process was nothing short of remarkable. Mike Russo and his team gave outstanding service to our many emails, phone calls, questions and more. My husband and I have been purchasing homes the last 30 years, so we have been through a few home loans. This by far was the easiest one to date. We didn’t even have to go to an attorney’s office to close, they came to us. That’s service!
Thank you so much TJC Mortgage, Inc. for your expertise and kindness. Also, Joe thank you for your service to our country.
The Burgess Family