Loan

Fixed Rate Loans with a Licensed Mortgage Lender

If you want the stability of knowing what your home loan payment will be each month, a fixed-rate mortgage may be right for you. Unlike adjustable-rate mortgages, where rates change depending on market conditions, fixed-rate mortgages feature interest rates that stay consistent throughout the lifetime of the loan. That means you will never have to worry about your monthly payment going up, and you can manage your budget without surprises.

When you buy a home and need a home purchase loan with a Fixed Rate Mortgage, your interest rate will stay the same for the entire term of the loan. This predictability can be helpful as you plan your financial future.

We offer a variety of fixed-rate home loan packages including:

• 30 Year Fixed Rate and 15 Year Fixed Rate Mortgages: The most popular fixed rate home financing packages, they feature rates and payments that will never change despite mortgage rate fluctuations.
• Fixed Rate Interest-Only Mortgages: An Interest-Only Mortgage allows you to make interest-only payments at a fixed rate for the chosen term of the loan; after that, the monthly payments will increase to include both principal and interest.
• Jumbo Mortgage: Allows you to finance more expensive properties. Each year, the Office of Federal Housing Enterprise Oversight (OFHEO) sets a conforming loan limit that institutions such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) are able to securitize. Loans with principals above the conforming loan limit are referred to as a Jumbo Mortgage. Because Jumbo Loans are guaranteed by private institutions, they generally have higher interest rates as well as different down payment and underwriting requirements.

Use our Fixed Rate Mortgage Calculator to give you an idea of what your loan may look like.

Refinance with a Fixed Rate Mortgage

If you need to refinance your home loan, a Fixed Rate Mortgage can offer several benefits including:

• Increasing cash flow and net worth. Refinancing your loan will often lower your interest rate and monthly payment, leaving you with more money in both the short and long term.
• Consolidating debt. If you have high-interest credit card debt, why not roll it into your low-interest mortgage payment and save thousands over time.
• Lower your interest rates. Many homeowners with an adjustable mortgage loan are able to refinance and switch to a Fixed Rate Mortgage in order to lock in the low rate for the remainder of the loan.
• Improve your loan. If you applied for a mortgage with bad or no credit, your interest rate may be higher than the national average. By paying down debt, making payments on time and practicing responsible borrowing behavior, you can raise your credit score and refinance your loan for a better mortgage interest rate.

Contact us today to find out more about fixed-rate mortgages. For home buyers, we offer Free Up-Front Credit approvals and offer fast on-time closings.

Adjustable Rate Mortgages

You might be looking to buy or refinance a home, but need a lower payment than what a 15 Year Fixed Rate Mortgage or 30 Year Fixed Rate Loan offers, consider an adjustable-rate mortgage (ARM). If you often relocate for work or are planning on expanding your family in the next few years, an adjustable loan might be a better fit for you than a traditional fixed-rate mortgage.

With one of our adjustable rate mortgages, you have the flexibility of a lower rate and payment for a fixed term of 3, 5, 7 or 10-year fixed term. Adjustable Rate Mortgages, or ARMs, typically offer lower initial interest rates than Fixed Rate Mortgages. These adjustable mortgage loans allow you to keep your payments low and save money. Since the initial interest rate on adjustable mortgages remains fixed over an introductory period of time, typically ranging from 3 to 10 years you can plan accordingly. After the introductory period ends, your Adjustable Rate Mortgage will change depending on the current index.

How can you tell if an Adjustable Rate Loan is right for you? An Adjustable Rate Mortgage is typically beneficial for:

• Borrowers who need to keep their interest rate and payment low
• Borrowers who often relocate every few years because of their career
• Real estate investors who need investment property loans to purchase properties, renovate them and resell the property after a few years
• Growing families who may need a loan to buy a larger home in the future

If you are interested in learning more about whether one of our Adjustable Rate Loan will best suit your needs, contact Equinox Lending today. One of our licensed mortgage specialists can help you determine which loan option will best meet your needs.

FHA 203K Loans

Renovations and remodeling projects can add value and comfort to your home. However, most construction projects require up-front cash for materials and labor. If you’re making improvements on your home, such as adding a room, or a pool, or refinishing your kitchen, you may need some home improvement financing.

With a home improvement loan from Equinox Lending, your mortgage balance can exceed the home’s purchase price or current appraised value. This allows you to pull out extra cash to pay for the renovations. Home improvement loans combine a construction loan and a mortgage into one low-rate loan that can fund the entire purchase and renovation project.

FHA 203(k) Home Improvement Loans

For many people, buying distressed or dilapidated homes can be a lucrative investment decision. However, home repair and renovations can be costly. With an FHA 203(k) Home Improvement Loan, you can have a single fixed-rate mortgage and up to $35,000 cash out for improvements.

The FHA 203(k) Home Improvement Refinance Loan

If you need to refinance your home mortgage, the FHA 203(k) Refinance Loan allows current homeowners the opportunity to rehabilitate and improve their home. Whether it be making a home handicapped-accessible, replacing your roof or upgrading your kitchen, home improvement projects can raise the value of the property and allow you to customize as your needs change. The FHA 203(k) Refinance Loan allows you to cash out up to $35,000 for your home improvement project, and the mortgage balance can exceed the current appraised value of the home.

Kinds of Projects That Qualify For an FHA Home Improvement Loan

Removal of lead-based paint; Decks, patios, porches; HVAC systems (Heating and air conditioning); Landscape improvements; Basement completion; Basement waterproofing; Septic or well systems; New kitchen appliances; Washer/Dryer upgrades; Roofs, gutters, and downspouts; Plumbing and electrical upgrades; Minor kitchen or bathroom remodel; Add carpet, tile or wood flooring; Install new windows or doors; Weatherstripping and insulation upgrades; Disability improvement; Energy efficient upgrades.

These are just a few of the cost-saving and value-adding improvements that you can make to your home with home improvement loans from Equinox Lending.

VA Programs: Home Loans & Refinancing

Equinox Lending is dedicated to helping our military veterans find the best home financing options available. Designed to help active-duty military and veterans qualify for homeownership, VA Home Loans are guaranteed by the U.S. Department of Veteran Affairs and feature easy home financing options. Because VA loans are government-insured, they offer veterans and military personnel lower interest rates and better terms than conventional mortgages.

Current VA mortgage holders may refinance with the VA Interest Rate Reduction Refinance Loan (IRRRL) to lower their interest rates. Equinox Lending’s licensed mortgage specialists will discuss all of your home financing options and work to qualify you for the best home loan possible.

Buy Your Home with a VA Home Loan

Benefits to a VA Home Loan include:

• No down payment required
• Adjustable & fixed rate mortgage options
• No monthly mortgage insurance premiums
• No prepayment penalty
• VA assistance to borrowers due to financial difficulty
• Ability to finance the VA funding fee
• Reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation

Requirements for VA Home Loans

All veterans, active duty personnel, Reservists/National Guard members, and un-remarried surviving spouses are eligible for a VA Home Loan, but must qualify. In order to receive financing, you must have a Certificate of Eligibility – a document issued from the Veterans Administration that verifies your eligibility to receive VA benefits.

VA Streamline Refinancing-interest Rate Reduction

The VA Interest Rate Reduction Refinance Loan (IRRRL), often referred to as the VA Streamline, is part of a federally insured loan program to help veterans and active duty military refinance their existing VA loan into a lower interest-rate loan. The underwriting process for the VA Streamline is simplified for military veterans, so you may get a lower monthly mortgage payment without the pain of submitting bank statements, W2s, paychecks and other documents.

VA Streamline refinancing offers competitive home financing interest rates not available to the general public. Unless you are switching from an Adjustable Rate Mortgage to a Fixed Rate Mortgage, the VA Streamline must result in a lower interest rate than the one you currently hold. With a VA Streamline, you may refinance your home with no out of pocket expenses. You can also roll closing costs into the VA loan, making the refinance process even easier.

Best Mortgage Rates on Jumbo Loans

Sometimes traditional loans aren’t enough to buy the home you really want. Equinox Lending can help you finance the purchase of a high-priced home or refinance your current loan with our line of Jumbo and Super Jumbo Loans.

When it comes to Jumbo or High-Balance loans, Equinox Lending has more to offer. With our unrestricted access to a variety of programs, our competitive rates, and our rapid turnaround times, we simply deliver more options to you.

You can use a Jumbo Mortgage for a home purchase loan or refinance a home mortgage you already own. Our unrestricted access to a variety of programs means we can find the right program for you.

Buying a Home with a Jumbo Mortgage

Jumbo Loans offer you greater flexibility in buying a home. Our mortgage experts can help you with a Fixed Rate Mortgage or an Adjustable Rate Mortgage. With a Jumbo Mortgage from Equinox Lending, you won’t be restricted by loan limits, so we can help you find the best loan for your financial goals. In addition to competitive rates, we offer:

• Down payments of just 20% can help you get into the home of your dreams
• Interest only mortgage. This type of loan allows you to defer paying the principal on your mortgage for the chosen term of the loan. Instead, you make only the interest payment, which allows you to keep monthly payments low at the beginning of the loan.
• Ratios up to 50 percent: With a Jumbo Loan, you can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms.
• Non-occupying co-borrowers allowed. If you worry about qualifying for a loan, we offer home financing options that allow a friend or family member, who will not be occupying the home, to co-sign on the loan. This is a great option for those who cannot provide verifiable income or have less than perfect credit.
• Flexible terms. Equinox Lending offers several loan terms based on your goals and qualifications.

Refinancing a Jumbo Mortgage for a Better Rate

There are many reasons to refinance a home loan. You may want to lower your interest rate or monthly payments; perhaps you want to cash-out refinance to pay for remodeling or a home improvement project, or maybe you just want to change the terms of your loan. Whatever the reason, Equinox Lending can help you decide which loan refinance package is right for you. When rates are low, it’s a great time to consider refinancing your Jumbo Mortgage.

Once your mortgage is down to below the OFHEO loan limit, our home loan specialists can help you make the transition to a traditional conforming loan. Making this transition will lower your interest rates and help you pay off your loan faster.

Additional Jumbo Loan Refinance packages include:

• No mortgage insurance required. Most mortgage lenders require borrowers to pay for private mortgage insurance (PMI) in order to finance loans with high loan to value ratios. At Equinox Lending, we don’t require PMI on most types of mortgages.
• Interest Only Refinancing. If you need to lower your monthly payment temporarily to avoid foreclosure or divert monthly payments toward other uses, you can use Interest Only Refinancing to reduce your monthly payment to just the interest rate cost.
• Cash-Out Refinancing. Our Jumbo Refinance packages allow you to cash-out up to $35,000 on your mortgage. You can use this money to make large purchases or pay off high-interest debt.

Our Jumbo Loans come with flexible terms to ensure you’ll have a smooth and straightforward home financing experience. Contact Equinox Lending today!

Is a Reverse Mortgage Right for you?

Reverse Mortgages are designed to help older homeowners manage their retirement finances by allowing borrowers to convert a portion of their home equity into liquid assets. Rather than making traditional monthly payments, this type of loan defers repayment until the homeowner moves or passes away.

Borrowers are still responsible for paying property taxes, hazard insurance, homeowner’s association dues, and any other property charges.

A Reverse Mortgage is a non-recourse loan, which guarantees that borrowers will never owe more than the value of their home. This is possible because of a government insurance program. The loan cannot be outlived, so no debt will be left to heirs and at the end of the loan any remaining equity belongs to them. In fact, heirs are allowed to buy the property for 95% of the appraised value, conducted at the end of the loan, even if the house is underwater.

You retain ownership of your home, without making a monthly mortgage payment!

Reverse Purchase

Reverse Purchase allows older homeowners the ability to purchase a new principal residence with a Reverse Mortgage.

Since it requires less upfront investment than an all-cash purchase and no monthly mortgage payments, Reverse Purchase can help preserve savings, improve monthly cash flow, and/or finance a purchase that would otherwise be beyond budget.

The program was designed to empower older homeowners with a financial tool to help them relocate to another geographical setting or closer to family. It can also help seniors relocate to a home that is more affordable, requires less maintenance, or better serves their changing physical needs with features like handrails, wider doors, or a single-story floor plan.

Eligibility

Borrowers must be 62 years of age or older.

Recent program changes now allow for younger, non-borrowing spouses to remain in the home and defer the repayment after the borrowing spouse passes away and refinancing is not a viable option.

All borrowers and non-borrowing spouses must receive independent counseling. Family members and trusted advisors are also encouraged to attend. A Loan Officer can provide a list of approved counselors with a proposal package.

Reverse Mortgage experts at Equinox Lending can help determine if a borrower qualifies and answer any questions. Call today!

Calculate Your Mortgage Rate

Mortgage loan calculators are a quick way to see if the dream of a new home is within reach. Equinox Lending has many home financing options that will fit into any lifestyle, with good, bad or even no credit. We are committed to assisting you throughout the loan process, from pre-approval to a quick and easy closing. Calculate your mortgage rate with one of these calculators to get started.

Fixed-Rate Mortgage Calculator

Fixed-rate mortgages provide a steady, never increasing payment throughout the life of the loan. Found a house you love and want to know if you can afford it? Calculate the mortgage payment and understand what you’ll pay for over 30 years.

Interest Only Mortgage Calculator

An interest-only mortgage requires you to only pay interest, giving homeowners room to invest their cash in other higher rate of return investments or more freedom with their cash flow. Calculate your monthly savings today.

Mortgage Refinancing Calculator

Refinancing can provide a multitude of benefits, including interest savings and decreasing your monthly payment. Find out with the refinance calculator how much you can save with today’s low rates.