Loan Programs

Fixed Rate Mortgages

In a fixed rate mortgage the principle and the interest remain the same for the entire life of the loan (Property taxes and special assessments may change), with the advantage of consistent payment, unaffected by the market fluctuations. This is a good option if you are planning to stay in that house for a long time. The only drawback for these type of loans is resulting to a higher monthly payments.

Adjustable – Rate Mortgage

An adjustable rate mortgage (ARM) means that the interest rate changes over the life of the loan — according to the terms specified in advance. The interest rate and the monthly repayment would be less than in the fixed – rate mortgage. Most ARM programs do offer “rate cap” protection, which limits the amount of rate increase, both for each period and over the life of the loan. ARMs are usually priced lower than fixed rate mortgages so you can increase your buying power and lower your initial monthly payments. If interest rates go down, you’ll enjoy lower payments. Usually an ARM is the best choice for homeowners who plan to relocate. In ARM, monthly payments can increase if interest rates go up.

First Time Homebuyer Programs

First time homebuyers are often anxious about the down payment. To ease this concern we offer various financing programs ranging from zero to a very low down payment, with certain loans requiring no mortgage insurance. Through various financing options and our assistance, we will help you in choosing the right financing program for your purchase.

Don’t let your credit, employment status, loan denials and high interest rate loans bother you the least. Once with us, you are assured of the most competitive financial program. Call our office and specify your requirement to gather more information on how we can help you in these matters.

No Closing Costs Options

The following is suggested when opting for no closing costs.

The seller may agree to pay all of the closing costs associated with the loan during the time of purchase transaction.

At a slightly higher rate of interest, Ashton Klein Mortgage can pay all your closing costs.

Zero Down Purchases

It is true that almost anyone can qualify for zero down purchase programs, including borrowers with:

• Excellent Credit Scores
• Poor Credit Scores
• Debt ratios greater then 50%
• No Savings in Bank
• High Credit Balances
• Self-employed and Non-Income Verified
• No Income, No Asset Verification

Second Home and Investment Loans

Be it a Second Home or an Investment Home/Property, we arrange for mortgages at almost similar interest rates as owner-occupied properties. Here again, the down payment can be minimal, as low as to 5%.

No Income, No Asset Verification

As the name suggests, these loans require almost no conventional proof of income or asset verification. This option is designed primarily for those, who cannot show proof such as pay stubs, bank statements and the like. Such a loan program however, necessitates other proofs of repayment capacity and a little higher rate of interest compared to the traditional rate. Also the terms will vary based on the borrower’s financial status, the property and the credit history. The reason for this is the greater risk to be undertaken by the lender.

Loans for All Types of Credit

Loans may be arranged for borrowers with one or more of the following, subject to higher interest rates and lower loan to value ratio.

• A bankruptcy discharged 1-2 years ago
• A past foreclosure or currently behind payments and facing foreclosure
• Late payments on student loan or other installments or credit cards
• Recent Tax Liens and/or judgments
• Subject Property does not fit the minimum standards of some conforming loans
• Borrowers who may not be able to verify their income and assets
• In a nutshell, we have a loan option for everyone. Choose the one suitable for yourself with the assistance of our professionals.

Home Improvement Loans

Home improvement loans are often a wise choice because repairs or remodeling can drastically improve the equity ratio, not to mention the living quality of the home.

There are primarily two methods to go about the home improvement loans:

Gaining extra capital by refinancing, or, through a second mortgage plan

Either can be an option depending on individual’s capacity to repay, and the property value. To discuss the various programs available, call our associates.

Home Equity Loans

Home equity loans are usually general purpose loans; the amount of the loan depends primarily on the credit score and is based on the amount of equity of the property. Financing of this mode is done mainly on owner-occupied and investment property. Based on the credit score, owner-occupied properties might qualify for up to 125% of loan to value, and up to 95% of loan to value for investment property.

We also have programs for self employed and other special situations.

Please ask us about new programs which are constantly becoming available.

No Mortgage Insurance Options (PMI)

Mortgage insurance provides a security for the lender. This is ensured by adding a premium payment to the monthly mortgage payment until the loan to value ratio is equal to or less than 80%. Mortgage insurance payments can be as high as 10% of the loan payment, so it is considered a qualifying criteria for the borrower’s maximum amount on loan.

Let our associates help you in further understanding the loan programs and how they can best suit you.