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Types of Mortgages - Conventional

Know Your Fixed & Adjustable Rate Mortgages

Advantages of Fixed Rate Mortgages The homeowner knows the interest rate and monthly payment of their mortgage.
The homeowner knows when their loan will be paid in full since the term (time span) of their mortgage is fixed.
It is easier to manage your money when you have a fixed rate mortgage.
If a home applicant get a fixed or ARM rate mortgage when rates are high, they can refinance the mortgage when rates becomes low although some closing costs would have to be included.
However, most of the closing costs can be included in the loan and may be tax deductible.
The interest rate of a fixed rate mortgage usually start a little higher than an adjustable rate mortgage, which has a potential for the rate to increase.

Know Your Balloon & Jumbo Mortgages

Jumbo Mortgages

A Jumbo Mortgage is a mortgage greater than $417,000 and does not conform to the Fannie Mae and Freddie Mac guidelines

A TFC Tricont Mortgage Client Advisor can help you obtain a government financed jumbo mortgage of greater than $2 million dollars

You may also be able to finance an FHA jumbo mortgage with as little as 3.5% down payment.

Jumbo Mortgages Characteristics at TFC Tricont Mortgage

What it can do for you

You may be able to finance a jumbo mortgage larger than $2 million dollars

Can obtain a Fixed or an Adjustable Rate mortgages

No longer have to wait forever to close

May be able to qualify for a 3.5% FHA jumbo mortgage

Special program for teachers, educational institution employees, police officers, firefighters, health care professionals, etc

Offers eligible borrowers higher ratios and gifted reserves

Know Your Lots and Construction Mortgages

Tricont Lot Loans Programs

A lot loan is money that is temporarily given from a lending company or bank to a borrower who is looking to build a primary or

secondary residence. The money from a lot loan is used to finance the purchase of the land that the borrower will build on.

A lot loan is different from a construction loan because the lot loan pays for the land that the construction will take place on.

A construction loan is money that finances the actual construction of the home including manpower (labor) and materials. Some

lenders are willing to transfer lot loans into construction loans when the borrower is ready to build. The progression from a lot

loan to a construction loan can extend into a home mortgage if the borrower wishes to finance the home once the construction is

complete.

Lot loans are designed as purchase money loans for borrowers not yet ready to begin construction at the time of purchase, and as

such are not ready to obtain a construction loan, but will be ready in the near future.

The lot must be normal for the area and at least one utility must be available from the street. (Septic tanks, propane tanks, are

acceptable if these features are normal for the neighborhood.)

Lot loans can be funded as a full or alternate documentation or even as a stated income loan.

The terms of a lot loan vary depending on the lenders. Lot loans are available with fixed or adjustable interest rates. Although the

term is usually short, the specific term of the loan will depend on the lenders. Monthly payments for lot loans can include interest

only or interest and principal. Usually lot loans are paid in one lump sum to the borrower.

Lenders will stipulate the monetary limits of a lot loan, requirements for acreage, and also what qualifies as an acceptable lot,

Where as, land loans can be used for undeveloped pieces of property, lot loans usually need to be in an area that is considered

potentially residential

Tricont Construction Loans

A construction loan is a short term, interim loan for financing the cost of construction of a new dwelling or used for major renovation .

of an existing property In a construction loan, the lender makes payments to the builder at periodic intervals as the work progresses

Construction loans are usually short term loans designed to be taken out by permanent financing

A construction loan is money that finances the actual construction of the home including ma power (labor) and materials. Some .

lenders are willing to transfer lot loans into construction loans when the borrower is ready to build. The progression from a lot loan to

a construction loan can extend into a home mortgage if the borrower wishes to finance the home once the construction is complete

A variety of 15 and 30 year program are offered with 1, 3, 5, 7, 10, 15, 20, 25, 30 year fixed rate periods at Tricont lowest rates

Know Your Investment and Commercial Mortgages

Investment Mortgages

Investment loans are loans that cover properties that do not qualify for primary residence or second home financing. These properties

are often rented long (lease) or short (vacation rental) terms. Some properties are classified as investment properties simply because

of their distances from the owner's primary residences unless such residence is near a resort or vacation community

Residential properties that must carry an investment loans are:

A property rented on long term basis, e.g. apartment.

A property rented on short term basis, e.g. vacation home

A home bought near the primary residence of the owner in a non resort or investment communities

Commercial Loans

Commercial loans are defined as loans made by banks, credit unions, savings and loan associations, insurance companies, schools and other financial or credit institutions which are subject to examination and supervision in their capacity as lenders by an agency of the United States.

Commercial loans are bank loans that are granted to different types of business entities. In some cases, the commercial loan is extended to assist a company with short term funding for basic operational functions, such as meeting payroll or purchasing supplies that are used in the production of the goods manufactured and sold by the company. At other times, the commercial loan may be utilized to purchase new machinery that is directly connected to the operation of the business

The commercial loan is often thought of as a short-term source of cash (funds) for a business. Some bankers offer a commercial loan format that is known as a renewable loan. Renewable loans allow the business to secure necessary funds, repay the balance within terms, and then roll the loan into a second or renewed period. This type of commercial loan is often employed when a company needs funds to secure resources to handle large seasonal orders from customers while still providing goods to other clients

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Advantages of Adjustable Rate Mortgages

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