FAQS
Your Questions Answered
SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?
Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends. At that time, the interest rate becomes variable, or adjustable, and the homeowner may refinance into another adjustable-rate mortgage, a fixed-rate mortgage, or sell the home
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When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
WHAT IS A HELOC/ HELOAN (Standalone 2nd TD)?
A HELOAN, or second mortgage, is a smart way for homeowners to access their home's equity without refinancing their low rate first mortgage. It allows borrowers to get extra cash for home improvements, debt consolidation, or investments- especially useful when interest rates are higher than their original loan. Since its a separate loan, homeowners can keep their low first mortgage rate while still meeting their financial needs.
WHAT IS NON-QM LOAN?
a Non-QM loan is a mortgage designed for borrowers who may not meet traditional lending guidelines but are ideal for self-employed individuals, real estate investors, or those with non-traditional income sources who may have trouble qualifying for a conventional loan.
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Instead of relying solely on W-2s or tax returns, Non-QM lenders can use bank statements, asset depletion, or rental income to qualify borrowers. This flexibility opens the door to homeownership or refinancing for many people who have strong financials but don't fit into the "standard" box.
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