We offer streamlined stated income, full and low documentation mortgages for commercial and investment residential property (no personal residences). Low credit, back taxes, special-purpose property, and other financing barriers can be considered. Purchase, refinance, renovation, fix-and-flip, and cash-out loans are available nationwide (geographic restrictions may apply). We provide short-term and long-term mortgages secured by:
Investment Residential 1 to 4 Units, Multifamily 5+ Units, Mixed-Use, Office, Retail, Warehouse, Industrial, Mobile Home Park, Self-Storage, Automotive, Daycare, Restaurant, Bar, Hospitality, Funeral Homes, Campgrounds, Gas Stations, etc.
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Mortgages come in many forms. The most popular mortgages are a 30-year fixed and a 15-year fixed. Some mortgages can be as short as five years; some can be 40 years or longer. Stretching payments over more years reduces the monthly payment but increases the amount of interest to pay.
With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan. The monthly principal and interest payment never changes from the first mortgage payment to the last. If market interest rates rise, the borrower’s payment does not change. If interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixed-rate mortgage is also called a “traditional" mortgage.
With an adjustable-rate mortgage (ARM), the interest rate is fixed for an initial term then fluctuates with market interest rates. The initial interest rate is often a below-market rate, which can make a mortgage more affordable in the short term but possibly less affordable long-term. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term.
Among major banks offering mortgage loans are Wells Fargo, JPMorgan Chase, and Bank of America. Banks used to be virtually the only source of mortgages. Today a burgeoning share of the lender market includes non-banks such as Quicken Loans, loanDepot, SoFi, Calber Home Loans, and United Wholesale Mortgage.
When shopping for a mortgage, it is beneficial to use a mortgage calculator to get an idea of the monthly payments. These tools can also help calculate the total cost of interest over the life of the mortgage, to give you a clearer idea of what a property will really cost.
The mortgage servicer may also set up an escrow account, aka an impound account, to pay certain property-related expenses. The money that goes into the account comes from a portion of the monthly mortgage payment.2
Lenders sometimes require that escrow be used to pay taxes and insurance, according to the U.S. Consumer Financial Protection Bureau.
Mortgages, perhaps more than any other loans, come with a lot of variables, starting with what must be repaid and when. Homebuyers should work with a mortgage expert to get the best deal on what may be one of the biggest investments of their lives.