Flagship
Financial Services offers over 200 loan programs with terms for
10, 15, 20, 30 or even 40 years (other terms may be available depending
on certain conditions).
Please contact us at 954-771-8984 to determine which option best
suits you and your financial needs.
 THE
MOST COMMON PROGRAMS AVAILABLE ARE: |
A fixed rate mortgage loan has equal monthly payments for a fixed
period of 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. Fixed rate mortgages are available for
Conventional, FHA, VA and Jumbo loans.
An adjustable rate mortgage loan’s starting interest rate
and payments are generally lower than the Fixed Rate Mortgage and
both the interest rate and payment adjust according to economic
conditions. The low introductory rate is used to calculate the starting
payment for a specific period of time, for example: 1, 3, 5, 7,
and 10 years; also available are monthly ARMs and other specialty
products. After the introductory period most ARM’s adjust
yearly, the interest rate and payment will adjust (increase or decrease)
based on the ARM’s index and margin. Both Conventional and
Jumbo loans have a wide variety of ARM programs available; however,
FHA and VA each only have one ARM program.
An interest only mortgage loan has a lower “interest only”
payment for a specific period of time, for example: 3, 5, 7 and
10 years. After this time period, the interest only payment increases
to include principal payments, fully amortizing over the remaining
term. Most interest only loans convert to 1 year ARM’s after
the introductory period; however, a few interest only loans with
a fixed rate after the introductory period do exist. Interest only
mortgages are available only on Conventional and Jumbo loans.
Conventional conforming mortgages are loans that meet the guidelines
and loan limits of Fannie Mae and Freddie Mac (government sponsored
agencies that establish guidelines for mortgage lenders). Most mortgages
in the U.S. conform to these guidelines and are considered conventional
loans. Fixed, ARM’s and Interest Only mortgage programs are
available for conventional loans.
A jumbo mortgage exceeds the loan limits established by Fannie Mae
(FNMA) and Freddie Mac (FHLMC) (contact Flagship for current limit).
Since jumbo loans exceed these guidelines, the interest rates are
generally higher than a conventional loan. Fixed, ARM’s and
Interest Only mortgage programs are available for jumbo loans.
Specialty mortgages are loans outside the normal guidelines, such
as No Income, Stated Income, Reduced Documentation, etc. Flagship
offers a wide variety of loan products with varying documentation
options.
An FHA mortgage is insured by the U.S. government and must comply
with FHA guidelines and loan limits (which differ from Conventional
and VA). It is available to all U.S. residents and is known for
low down payments mortgages. Additional documentation is sometimes
required to utilize the higher qualifying ratios available on FHA
loans. FHA loans are popular with first time homebuyers with limited
cash available. FHA has both a fixed rate and an ARM program available.
A VA mortgage is guaranteed by the U.S. government and must comply
with VA guidelines and loan limits (which differ from Conventional
and FHA). Only veterans that have served for a specific period under
honorable conditions are eligible for a VA loan. VA mortgages are
available when purchasing a property using –0- down payment.
VA has both a fixed rate and an ARM program available.
A Bond Mortgage is issued by a government agency, usually a state
or county. The rate is normally lower than prevailing rates; but
to qualify for the program borrowers must meet certain restrictions
including, but not limited to: 1st time homebuyer, maximum income
limits, and purchase price limits. Full documentation is generally
a requirement including 3 years of complete tax returns from the
borrower. Flagship is a participating lender in several Bond Mortgage
Programs issued in the state of Florida.
A Reverse Mortgage can be obtained by homeowner’s 62 or older.
It is most commonly utilized as a refinance; however, a purchase
is allowed in certain circumstances. The borrower makes no mortgage
payments to the mortgage lender; instead money is disbursed by the
mortgage lender to the borrower. It is a way for seniors to remain
living in their home without depending on their heirs or others.
Flagship has a variety of Reverse Mortgage’s available for
our senior borrowers. The Borrower:
- Can choose a lump sum, line of credit, monthly payment or
combination
- Use the cash any way you want
- Stay in your home and retain ownership
- Pay no monthly mortgage payments
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IS REFINANCING RIGHT FOR YOU? |
Refinancing is when you already own the property and wish to obtain
a new mortgage on that property. Most loan programs are available
when refinancing. Everyone has different goals when refinancing,
such as: lowering rate, or taking cash out for home improvements
or debt consolidation.
Flagship Financial Services’ experienced staff can help you
through the myriad of choices available when refinancing or purchasing
a home.
