Loan Programs

Below is a sample of the types of mortgage loans we offer. We are available to help you with any questions that you might have regarding these and other types of loans. Just call us at: 951-845-8441 or email us at nick@lowcost-mortgages.com.

Interest Only This type of loan program is for those who would like to significantly lower their mortgage payments by allowing you to pay only the interest on the loan. This type of loan is great for debt consolidation up to 100% LTV.

No/Limited Documentation Our No-Doc/Limited Doc Loan programs offer self-employed business owners an easy way to qualify for a mortgage. We have several lenders who offer very competitive No-Doc/Limited Doc programs with excellent rates and flexible terms for those who have the credit score to qualify.

Stated Income Our "stated" income program is a loan program offered by many of our lenders. This program is great for self-employed borrowers and allows you to "State" your income without the need for verification. Our stated income program allows a borrower to meet the "Debt-To-Income" ratio required by our lenders.

PayOption Mortgage Every month, you can elect to make one of four different payment options. These options will arrive to you monthly in your mortgage statement. The four payment options are: a Minimum Payment (pay 1% interest the first year), an Interest-Only Payment, 30-Year Payment, or a 15-Year payment.

Subprime Loans These types of loans are available to borrowers who have or have had credit problems such as being late on or defaulting on the repayment of loans or credit cards.

Fixed Rate Loans 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

ARM Loans 1, 3, 5, 7, 10 Year Adjustable Rate Loan Programs An Adjustable Rate Mortgage (ARM) is a mortgage loan that is most widely known for its low starting interest rate (when compared to the 30 & 15 year mortgage loans). This 'low' introductory rate is used to calculate the mortgage payment for a specified period of time. Once this introductory period is over, the interest rate is adjusted periodically based on a preselected index.

Jumbo Loans A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($322,700 as of 1/1/2003). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors).

Government Loans This type of loan is guaranteed by a federal agency such as the Veterans Administration or the Federal Housing Administration or by a State agency such as a State housing authority. Such loans, however, contain income, purchase price or other eligibility requirements.

100% + 107% Financing Looking for a 100% financing on your new home mortgage? We have several lenders who can offer you this excellent type of loan program. Some even allow up to 6% seller concessions to pay your closing costs! If you are looking for max LTV, submit your loan application today and pre-qualify by tomorrow!

125% Home Loan The 125% Home Loan is a second mortgage that allows you to borrow more than your home is worth. A 125% Home Loan is a great way to consolidate your bills. This loan allows you to pay off all of your credit cards, consumer loans, and other bills, combining those outstanding balances into one low monthly payment. You can also get cash out to use as you wish and still have a lower total payment!

Balloon Loans This type of loan has fixed monthly payments for the term of the loan (3, 5, 7, or 10 years) that are based on a 30 year repayment schedule. At the end of the term, the outstanding principal balance of the loan is due plus any unpaid interest. This loan program generally has a refinance option at the end of the term period that gives the borrower the option to extend the loan at a fixed rate for the remaining years.