Loans (Purchases & Construction)
Consist of any mortgage loan other than a VA, USDA or an FHA loan.
A conventional loan may be conforming (within Fannie Mae/Freddie
Mac guidelines) or a nonconforming (jumbo).
Whether you are a first time homebuyer or a seasoned homeowner,
chances are that you are about to make one of the most important
personal financial decisions of your life. Prompt approvals
and quick closings are not just important, they are critical.
As a mortgage broker, Presidential Mortgage brings the experience
and latest technology all in a streamlined fashion to provide
you with prompt professional service.
Consolidate debt or take cash out of your property.
Up to 100% Financing- VA or USDA
These loans are available for primary residences and may be available for 1-4 family properties
as well as.
If you have filed bankruptcy, you may not have to wait 2 to
7 years to obtain a mortgage.
Divorce - Special
Parties looking to or in need of obtaining cash from their existing
home or one party purchasing another property.
(Now known as Cross Collateralization Loans)
These loans will actually allow the equity in your current
property to be added to the purchase price of the new property,
thus enabling larger loan amounts.
Rate (up to 30 yrs)
This is the most popular type of mortgage. The interest rate
will remain the same for as long as you have your loan. If you
expect to live in your home for many years, having the same
interest rate may be more comforting. If you decide that you
like the stable, predictable payments of a fixed rate loan,
you may choose from repayment terms of 15, 20, 25, 30 years.
This type of mortgage generally starts out with an interest
rate lower than a fixed-rate loan. This saves you money early
on and may help you qualify for a more valuable home. Your rate
is tied to a market index. As the index goes up or down, your
payments will also change at each scheduled adjustment period.
Terms vary from 3 yrs, 5 yrs, 7 yrs, & 10 yrs.
Low $ Down with No PMI (Private Mortgage Insurance)
This is a great option that can eliminate PMI on conventional
loans. The combination is
often referred to as an 80/10. For example an 80/10 is a 80%
LTV first mortgage combined with a 10% second mortgage. The
advantage is when this combination results in a total lower
(Loans up to $4,000,000)
A loan amount that exceeds the conforming limits permitted by
Fannie Mae or Freddie Mac (current limit: $417,000). Jumbo Loans
are purchased by investors other than Fannie Mae or Freddie
Mac, and generally you will pay a higher interest rate for this
type of loan than that of a conforming loan. Fixed or Adjustable
rates are available, or interest only payments.