PO Box 405 Orland, ME 04472

Loan Options for Almost Every Borrower

Let us help you navigate all of the different loan types and how they might benefit you. we start with a consultative approach before even pulling any credit. 

Your financial needs will be at the core of this process. We want your journey to be pleasant and successful so that whether you’re a first-time buyer, an experienced real estate investor, or somewhere in between; we can provide options for almost every budget.

Buying A Home

Buying a home can be a daunting thought. You might be concerned you haven't saved enough, or that your credit isn't perfect. Luckily, through programs like FHA, VA, and USDA loans, grants, lender credits, and shrewd negotiating you could potentially need less cash to close on your home than you would to move into a comparable rental. whether this is your first home, or your fifth we are with you from application to closing.

Home Equity

You may have some high interest debt to consolidate, a big home improvement to tackle, or an opportunity to rehabilitate an investment property. tapping into your equity stake in your home could offer you a secure way to manage these expenses. You may be purchasing a home over a certain price and need to split the transaction to stay out of a "Jumbo" mortgage. There are many different situations in which home equity can be utilized and different programs for certain scenarios. We can find the one that is right for you.

Refinance

A refinance is a great option if you want a lower payment, or if interest rates have improved significantly and you can save money on interest. There are many other reasons to refinance, such as renovation or consolidation of debts, purchase of another property in a cash deal, or simplifying cash flow.

Construction Loans

New construction allows you control over the design of your home and gives you the peace of mind that the home is up to date with the latest safety, efficiency, and comfort technology available today. Construction loans are designed to allow borrowers to make affordable interest only payments during the construction of their new home, which they can convert into a more traditional loan product to fit their needs upon completion.

Reverse Motrgage or HECM

Reverse Mortgages or "home equity conversion mortgages" offer borrowers over the age 62 and older a means to utilize the equity in their homes to supplement their income in retirement. proceeds can be taken in a lump sum, in incremental disbursements, or as a monthly payment credit to reduce monthly housing cost. this option is best for borrowers who don't plan to leave their home to anyone. Reverse mortgage borrowers still have the freedom to sell their home, and the home can be inherited contingent upon the satisfaction of the mortgage balance.

FAQ

Borrowers may be approved with credit scores as low as 585, with qualifying income. there are a number of factors taken into consideration in determining your creditworthiness and ability to repay a loan, terms may vary.

Lenders generally want to see three to six months reserves. to figure this amount out we take your expected loan payment, plus any other monthly liabilities like car loans, personal loans, student loans and credit card payments. then we multiply that number by 6. say your expected loan payment is $700 a month, you have a $100 student loan payment, a $200 car payment, and a $35 credit card payment. $1035X6=$6210 cash reserves. Down payment needed varies from one loan program to another, and a down payment may not be required. Most programs require 3-10% down. for a $100k loan, this would be $3-10K.

Mortgage brokers get paid what is called an “Origination Fee” only after closing on your loan. origination fees vary from 1-2% of the total loan amount. we do not recieve compensation based upon your interest rate, loan type, or any prohibited basis.

The FHA or Federal Housing Administration gurantees loans through mortgage insurance provided by the Department of Housing and Urban Development, or HUD. this program was created to expand access to affordable homeownership and can offer great benefits for borrowers. FHA mortgage insurance stays for the life of the loan, so unlike a conventional mortgage this amount doesn’t go away once you reach 80% Loan-to-Value.

ESCROW is a type of account, managed by your loan servicer which is responsible for ensuring the timely payment of property taxes, homeowners insurance, and HOA dues. Every year your servicer will conduct an ESCROW analysis to determine the appropriate ESCROW amount to add to your monthly payments.

PMI stands for “Private Mortgage Insurance” and may be required for any conventional mortgage with a down payment less than 20%. The monthly premium is added to your mortgage payment each month until you reach 80% Loan-to-Value or LTV. At that point, your payment goes down by the full amount of the monthly premium.

The VA or “Department of Veterans Affairs” guarantees loans through what are called “entitlements.” these types of loans are available to veterans who were honorable or generally discharged and the survivors of qualified veterans. similar to FHA, this eliminates the need for PMI on low down payment transactions.

USDA loans are guaranteed by the Department of Agriculture and apply to homes in areas with less than 35,000 people under 25 acres. These loans may require no down payment to qualify.