Types of Loans offered by Loans Realty Elite:

  1. Fixed Rate Mortgages – The traditional fixed rate mortgage is the most common type of loan programs, where monthly principal and interest payments never change during the life of the loan.
  2. Commonly Used Indexes for ARMs – The most commonly used indexes for ARMs include: LIBOR, Cost of Funds, MTA, One-Year Treasury, and Prime.
  3. Balloon mortgages – Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.
  4. Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM) – Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages.
  5. Interest Only Mortgages – A mortgage is called “interest only” when its monthly payment does not include the repayment of principal for a certain period of time.
  6. Graduated Payment Mortgages – Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan.
  7. Adjustable Rate Mortgages (ARM) – Adjustable Rate Mortgages (ARM)’s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.
  8. Components of an ARM – Adjustable rate loan payments will adjust during the term of the loan. These adjustments are calculated using an index and margin. The amount of the adjustment is limited by period and lifetime caps that are specified in the loan documents.

Residential Home Loans offered by Loans Realty Elite: