Evergreen Home Loans Loan Programs:Welcome to my website! Evergreen Home Loans provides a broad spectrum of real estate financing solutions with competitively-priced home loans and outstanding customer service. Evergreen Home Loans offers valuable benefits to consumers searching for a new home or those refinancing their current home loan. Suzi Boyle is a mortgage lender that lends directly to consumers without any middlemen. With our leading edge technology, our huge variety of competitive mortgage products and our network of highly skilled loan officers and analysts, we have the resources available to closely match your needs and objectives to your mortgage. That’s real value! When you’re ready to apply for a loan, you’ll find our experience and technology dramatically simplify the application process. The mortgage market is huge, providing hundreds of products to borrowers. This section will address many of the common products available, but the list is not comprehensive. If you have a need we haven’t listed, contact one of our Loan Officers for additional information. Homebuyers are understandably concerned about interest rates, but most homebuyers underestimate the importance of choosing the right mortgage. A loan that is customized to your needs can provide huge savings, while choosing the wrong mortgage can be very expensive. Loan Categories Homebuyers are understandably concerned about interest rates, but most homebuyers underestimate the importance of choosing the right mortgage. A loan that is customized to your needs can provide huge savings, while choosing the wrong mortgage can be very expensive. For information on Mortgage Insurance, Click Here. Let's begin with a quick lesson on mortgages. You’ll find links for additional information if you want to learn more. There are three general categories of mortgages:
VA loans are "guaranteed" by the Veteran's Administration for eligible veterans. The most outstanding feature of a VA loan is the ability to obtain 100% financing. A funding fee is paid to the VA at closing, and the fee may be included in the loan. The loan is assumable to subsequent buyers. The maximum VA loan amount is $417,000. If you think you qualify for a VA loan, contact a Loan Officer for assistance. For more information on VA loans, contact one of our Loan Officers. FHA loans are insured by the Federal Housing Administration. Borrowers typically provide a small down payment, but with special associated programs the down payment can be obtained as a gift from a home advocacy non-profit association. A "Mortgage Insurance Premium" is paid to the FHA at closing, and the fee may be included in the loan. Additionally, there is a small monthly insurance premium added to the payment. The maximum loan amount for an FHA varies with location. For more information on FHA loans, contact one of our Loan Officers. Conventional Loans are very common and are typically the most flexible. Loans amounts not exceeding $417,000 for single family homes are called "conforming" loans, while loans above $417,000 for single family homes are called "jumbo" loans, and loans greater than $1,000,000 are considered "super jumbo" loans. The down payment can be as little as 0% (with specialized financing) to as much as desired. Mortgage insurance may be required on some loans, but we have many products that do not require mortgage insurance. VA, FHA, and Conventional loans offer various financing options (such as fixed rate, adjustable rate, balloons, etc.) so you can customize your loan to your needs. Fixed-Rate Products These are the most popular mortgages. Your rate is fixed for the entire term of the loan. You may select 10, 15, 20, 25, and 30 year loans. Fixed rate products are available in Conventional, FHA, and VA loans.
Adjustable-Rate Products Popular for people who plan to move or refinance in the foreseeable future. Also popular for people who desire a lower interest rate, or who want to increase the amount of their loan qualification. These loans become more popular as the interest rates rise. There is a wide variety of adjustable rate loans (ARMs). For example, a 1/1 ARM means the initial rate is guaranteed for one year, and the rate adjusts every year thereafter. You may prefer to choose a 3/1 ARM, where the initial rate is guaranteed for 3 years, then adjusts every year thereafter. Depending on the loan you choose, you may be able to select from the following menu: 1/1, 3/1, 5/1, 7/1, 10/1. All these loans are typically based on a 30-year amortization. Your ARM may have a convertible feature that for a fee turns your adjustable rate into a fixed rate mortgage at your request. ARMs also have “caps” and “floors” that determine the maximum adjustment as well as the minimum and maximum rates for the life of the loan.
Balloons Very similar to fixed rate mortgages with two important differences. A loan with a balloon payment must be paid or refinanced at the end of a loan term, and the loan is not convertible. You’ll typically find balloons for 5 and 7 years. Both loans are based on a 30-year amortization, but the balance at the end of the loan term must be paid or refinanced.
Buy-Downs Don’t confuse the buy-down feature with “buying down” the rate. Though similar sounding, they are entirely different. Buying down the rate refers to the common practice of paying discount points to obtain a rate lower than the listed rate. A “buy-down” is a temporary reduction in rate for a specified time. A 2/1 buy-down means the rate for the first year of the mortgage will be 2% less than the actual note rate, and the rate for the second year will be 1% less than the note rate. In the third year and subsequent years the borrower will pay the actual note rate. For example, a borrower with an 8% fixed rate loan with a 2/1 buy-down will have an interest rate of 6% the first year, 7% the second year, and 8% for all years thereafter. There are numerous combinations for buy-down options, but the most common are the 2/1 and the 3/2/1. In some cases the borrowers can combine an adjustable rate with a buy-down. The low first-year rate on an adjustable-rate mortgage, combined with a 3/2/1 buy-down, can produce a very low rate the first year of the loan. Remember, however, that subsequent years of the loan will be subject to both the buy-down adjustment and the adjustable rate adjustment.
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