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Residential
Loans
Global
Financial Services, Inc. is an experienced mortgage
lender that is committed to the satisfaction of its
clients. Our staff understands that the decision to
purchasing or refinancing a home is one of the biggest
financial undertakings in a person's life. That is why
we are dedicated to making our customer's mortgage
experience as smooth as possible. Global Financial's
team of experts will answer any questions you may have
as we take care of all the details of your loan.
The
majority of loans that we originate are residential,
please find examples of these types of loans below:
1. Purchase - Established
to enable borrower to buy a house.
2 Refinance - Used to
change the structure of one's existing loan (usually restructuring rate
or terms, or cash out).
3.
Conforming - Refers to loans up to a federally set limit
of $417,000.
4. Jumbo - A jumbo loan
exceeds the current limit of $417,000.
5. FHA - This type of
loan is ideal for a very low down payment, and some payment or credit
issues. It is most frequently used for first-time homebuyers, or those
with a shortage of down-payment funds.
6. VA - Ideal for
eligible service veterans. It features a zero down payment required, and
the seller can
pay off some debts to help you qualify.
Types of Interest Rates and Loan Programs:
Fixed - Interest rate is
locked at an initial amount and stays constant for the life of the loan.
Adjustable - Interest
rate of the loan can fluctuate from the initial rate throughout the life
of the loan.
Fixed / Adjustable -
Interest rate starts fixed for a pre-determined period of time and then
becomes
adjustable.
Balloon - These mortgages
have a short term (most are five to seven years) and then at the end of
the term the borrower must either pay the remaining balance and may need
to refinance to do so.
Interest
Only Loans - The borrower would only pay interest on the
loan for a fixed term. After that terms ends, the
borrower would pay the principal in a lump sum, or
refinance rate and terms.
Types of Fixed Loans
30 Year Fixed - Initial
interest rate never changes for the 30 year life of the loan.
20 Year Fixed - Initial
interest rate never changes for the 20 year life of the loan.
15 Year Fixed - Initial
interest rate never changes for the 15 year life of the loan.
Visit our
Loans 101
Page to learn about more loans terms and definitions! |
