Turn to Hippo Financial, a BBB-accredited lender and mortgage company. We offer the following types of mortgages:
A fixed mortgage has an interest rate that is locked in for a specific term. It’s the most secure loan available on the market. This type of financing works best for those who either don’t plan on moving, want to avoid a flexible payment, and follow a consistent budget. These are generally conventional loans that can go up to a 95% LTV, and terms of payoff range from 10 years to 40 years. Standard terms include 30 year fixed mortgage and 15 year fixed mortgage programs.
A FHA loan is a government home loan that HUD provides guarantees, to allow more Americans to own a home. Generally referred to as the “first time homeowners program”, FHA loans allow many advantages that do not exist in any other type of financing. Some of these great advantages are lower down payment (3.5%) when purchasing your home. The government also allows for down payment funds to be a Gift, please consult your mortgage advisor for more information. FHA and HUD have set county loan limits that may determine if you qualify further for the program.
FHA Streamline refinance loans help current FHA reduce their rate and payments with or without an appraisal. With all the expanded guidelines for today’s home market, FHA is a great choice for many homeowners.
Jumbo loans are any loans in excess of the conventional cut off of $417,000. Hippo Financial specializes in Jumbo lending and offers a wide range of Fixed and ARM products to meet your goals. Loans can go up to 3,000,000. Hippo’s guidelines are expanded to accommodate a 90% LTV.
A VA Loan is a mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA Loans offer 30, 15-year fixed and 5/21 ARM products for purchase and refinance transactions for eligible veterans. VA also offers a IRRL Streamline product to move your ARM to a fixed with deep rate reductions.
ARM loans (adjustable rate mortgage), have an interest rate that is fixed for a period of time such as 5-10 years. During this time the rate is much lower than a Fixed loan providing a reduced monthly payment which allow you more financial flexibility. ARM loans are great for homeowners looking to divert money from the mortgage to pay off credit cards or installment loans. They are perfect for a new homeowners that are short term in their home. Due to the low interest rates of ARM’s borrowers pay more principal in the initial years of the loan compared to the Fixed loan. The adjustment happens after the initial period of the loan is completed and will adjust once a year repeatedly for the duration of the loan. ARMs adjust to the formula of Margin + index. The margin for most ARM loans is 2.25% and is fixed. The index we use is the 1 year LIBOR currently at 1.15% as of 4/12/2011. When the loan were come to its periodic adjustment you would simply add 2.25 (margin) +1.15(Current LIBOR) = 3.40%. This would be your interest rate for the next 12 months. (Rates are rounded to the nearest .125%)( 1 year LIBOR). For more explanation and a copy of the CHARM booklet explaining the functions of this unique loan, please call us today.
HELOC (Home Equity Line of Credit)
A HELOC is a variable line of credit that offers access to the equity you built up in you home by simply writing a check. This comes in handy for emergency’s as well as high interest debt pay offs, remodeling the home, or for a short-term homeowner (Typically less than 2 years). Rates are connected to the prime interest rate 3.25%. The LTV or loan-to-value is 0 – 80% depending the credit profile. 10, 15, 20, 25 fixed and variable options available for you.
Specifically for borrowers purchasing Fannie Mae-owned properties, HomePath mortgages offer a wide range of features to help you to realize the dream of homeownership. Borrowers may benefit from low down payment options and flexible mortgage terms without having to order an appraisal or pay mortgage insurance. You may qualify even if your credit is less than perfect. Ask about HomePath mortgage benefits and cost details on loans without mortgage insurance today.