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Types of Loans: There are thousands of loans available to the consumer today and as a result it can be confusing trying to figure out all the options. Multi-Fund trains it's loan officers in a variety of products so they can help you decide the best loan for your current needs and future goals. Here are a few products available. |
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Contact one of our offices for additional information. Just click on one of the states below. Florida Offices, Maryland Offices, Ohio Offices, Most offices licensed to do loans in multiple states |
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Fixed Rate Loan: This is the loan product that most people are familiar with. It has a fixed rate, meaning the interest rate never changes and your principal and interest payment stay the same for the life of the loan. It is possible for your taxes and insurance to go up over time and if they are included your payment, this can make your payment increase. This loan is for the person who is staying in their house, wants the security of a fixed payment, and doesn't want to refinance in the future. It is also a good loan for areas of flat or little appreciation of home values. This loan is available is 10-50 year terms. Some Fixed Rate Loans also offer an interest only option. Adjustable/Variable Rate Loan: There are many different types of variable rate loans. There are several features for you to discuss with your loan officer. Is there a fixed portion to this loan? Some variable rate loans have a fixed portion for 2, 3, 5, 7, and even 10 years before they turn into an adjustable or variable rate loan. How often does my rate adjust? Typical loans will adjust every 6 months or every year but there are some that adjust every month. How high can my rate go? There are adjustment cap and lifetime caps on variable rate loans. Find out what your rate can do if you are in a raising rate environment. The benefits to a variable or adjusting rate loan is that they usually offer a lower interest rate than a fixed rate loan does. This means a lower payment which can mean more house when you are purchasing or more savings when you are refinancing. If you are only planning to stay in your home 5 years, a 5, 7 or 10 year fixed mortgage that becomes adjustable would be a loan that would work for you. Why take the higher interest rate of a 30 year fixed rate? |
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Interest Only Loans: An interest only loan can be a fixed rate or an adjustable rate. An interest only loans requires just the interest to be paid on the loan. This loan allows for a lower payment but does not reduce the principle balance of the loan unless extra payments are made. Use a interest only loan for a short time payment savings or in an area where home appreciation is rapidly increasing. |
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HUD/FHA Loan Correspondent Mortgagee #2392100003, Licensed by the Department of Real Estate under the California Residential Mortgage Lending Act - License Number 603 F207, DRE Info Number 916 227 0931, Florida Correspondent Lender CL0703397, Maryland Lender #9560; Massachusetts Licensed Broker #MB4282 Multi-Fund arranges, but does not make loans; Michigan Broker FL0012952 and SR0012971, Minnesota Residential Mortgage Originator #MO20384336, Registered under the New Mexico Mortgage Loan Company and Loan Broker Act Certificate 03371, Ohio Registrant MB 802267.000; Licensed by the Pennsylvania Department of Banking, Tennessee Registration #3391, Licensed by the Virginia State Corporation Commission MB-1755 all loans funded by third parties; HUD/FHA exempt in Alabama, Alaska, Hawaii, Indiana, Missouri, Kentucky and South Carolina. All loan officers are licensed as required by the respective states. |
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