Loan Options
Stonebridge First offers a variety of loan programs to meet our clients’ needs. Whether you are purchasing or refinancing your home our professionals can assist you with any of the following:
Conforming Fixed-Rate 10, 15, 20,and 30 year mortgages
Conforming loans are those mortgage loans which meet government sponsored entity guidelines and are commonly referred to as secondary market loans. A large majority of homeowners or prospective homeowners will benefit from this type of mortgage product. Fixed rate products are, as their name suggests, loans with rates that are fixed at closing and cannot change for the life of the loan.
Jumbo Loans
Loans of an amount greater than $484,350 or the conventional conforming loan limits as set by the two government sponsored enterprises Fannie Mae and Freddie Mac which regulate mortgages nationwide. These specialized mortgage products typically carry a higher interest rate than conforming mortgages and demand a level of knowledge and expertise which Stonebridge professionals possess.
Home equity lines of credit
A home equity line of credit (often called a HELOC) is a loan using the equity in a borrower’s home for collateral. As a home is often one of a client’s most valuable assets many homeowners use a HELOC to take advantage of additional equity they’ve built up in their home. These lines of credit are often used for major items such as education expenses, home improvements, medical bills, or debt consolidation. As a line of credit a borrower may draw against or pay down the line during the agreed upon term.
Home equity loans are very similar to a HELOC but differ in that they are a single advance loan with a stated amortization schedule over the agreed upon term of the loan.
Both home equity lines and loans are valuable financial tools which Stonebridge professionals may offer after understanding your financial picture and goals.
VA and FHA loans
Federal Housing Administration and Veterans Administration programs were established to assist homebuyers who do not have a conventional down payment or qualify for conventional financing. Over time these programs have been modified and expanded and are popular options for borrowers nationwide. The knowledgeable professionals at Stonebridge may present you with these options based upon your financial situation and history and your ability to qualify for other loan programs.
Adjustable Rate Mortgages (ARM Loans)
Also known as a variable-rate mortgage, adjustable rate mortgages are mortgage loans with an interest rate that periodically adjusts over the term of the loan. This type of mortgage is more complex than conventional mortgages and, while it can be an effective tool for some borrowers, it is not used as often as borrowers tend to opt to have their rate fixed for the time they intend to own their home. Stonebridge professionals can help you decide if this type of loan is a good option for you.
