Home Page About Us Rates Loan Officers Apply Online Calculators Custom Quote Products Home Value Finder Resource Center Rate Watch Contact Us	products At OakCrest Mortgage, we have access to a variety of mortgage products to fill your financing needs. Select the program you would like to learn more about: Fixed Rate Adustable Rate Affordable Housing Special Products FHA/VA Fixed Rate If you prefer the security of a constant payment for the entire length of your mortgage, a fixed-rate mortgage loan might be the right program for you. There are numerous options on hand to customize a fixed-rate loan to your needs, including 15 and 30-year terms. In addition, jumbo loan programs are available for the homeowner who wants the security of a fixed-rate loan but has a loan that exceeds the "conforming" loan limit. A Bi-Weekly Mortgage Payment Plan may be available if you are interested in paying your loan off early. A temporary buydown, like the ARM Alternative, can help ease you into home ownership. Whatever your situation, we will work with you to make sure you get the appropriate loan for your lifestyle! Adjustable Rate Mortgages Adjustable rate mortgages (ARM) offer you the flexibility of a lower initial payment, thus allowing you to qualify for a larger mortgage amount. The start rate can be fixed for varying terms, depending on the program. A wide range of ARM products are available, from 1-Year to 10-Year ARM loans. Programs with periods between interest rate changes of more than 1- year are typically referred to as Intermediate ARMs. Intermediate ARMs can offer the best of both worlds - a lower initial rate than a fixed rate mortgage but also the stability of a fixed rate for a specified period of time. As a result, you retain the opportunity to benefit from any declines in interest rate levels. The LIBOR adjustable rate mortgage program provides additional flexibility by offering higher loan amounts not available on standard Agency adjustable rate mortgage programs. This index is based on the London Interbank Offered Rate (LIBOR). Additional features of this program include rate adjustment caps and lifetime caps, up to 95% financing, and loan amounts up to $1,000,000. Additionally, many loan programs permit the use of temporary buydowns. A temporary buydown is a reduction of your interest rate for a stated period of time. Affordable Housing A wide variety of mortgage loan products are customized to meet the various obstacles in homeownership faced by our customers. These unique programs can help overcome obstacles such as: Lack of cash for closing Low-income individuals Qualifying guideline flexibility Homebuyers without established credit history Affordability - below-market interest rates available in many markets Credit problems - credit counseling available We also offer available programs that various non-profit housing agencies in many of our markets provide gift funds to first-time homebuyers who meet their eligibility guidelines. Such programs provide gift funds for down payment and closing costs assistance. This lowers the total cash required from the homebuyer's own funds for the purchase of a new home. Special Products We know that homebuyers come in all shapes and sizes, with all kinds of financial histories and saving patterns. That's why we offer non-traditional loans to help our customers realize their goal of owning a home. Examples of these products include: Combo Mortgage (1st / 2nd): Borrowers often use this product to avoid jumbo financing, which carries a higher interest rate than conforming and or loan amounts. This product also eliminates MI requirement in most cases - saving money at closing AND in your monthly payment FHA 203K: Allows you to borrow against the value of your home after you make repairs Lot loans: For single-family lot acquisition loans when the purpose is to construct a new primary residence on the site within one (1) to three (3) years. Construction - Permanent Loans: For borrowers who choose to finance the construction of their home by a reputable builder, desire to build a major addition to their home or want to make major renovations. No Income Verification Program: A fixed-rate loan program designed specifically for self-employed, non-salaried or commissioned borrowers as well as salaried borrowers. This program eliminates the need to verify earned income, although assets and unearned income must still be verified. No Ratio Program: A fixed-rate loan program designed specifically for those borrowers with a strong asset base and the demonstrated ability to make mortgage payments on a timely basis. The program eliminates any reference to income and debt to income ratio qualification. No Doc Program: A fixed-rate loan program designed specifically for those borrowers with excellent credit who wish to avoid the documentation or verification of employment, income and assets. Since there is no reference at all to income or assets, no qualifying ratios are calculated. Alternate Documentation: Instead of relying on verification forms that need to be sent out to creditors, landlords, employers and others, it uses information that the borrower can provide to us directly. Foreign National: For individuals with foreign citizenship allowed to be in the United States for personal or business purposes and are purchasing a second home. Non-Permanent Resident Aliens: For foreigners who reside in the United States on a temporary basis and have documentation of a government issues work visa, Oakcrest Mortgage offers conforming and jumbo loans. FHA / VA FHA-insured mortgages are in high demand because of the many advantages they hold for homebuyers and refinancers, among them assumability, low down payments and liberal qualifying ratios. Also, FHA borrowers do not have to meet maximum income qualifications, as with many other government programs. Maximum loan amounts, however, are set by region across the country. As a benefit to veterans, the Department of Veterans Affairs guarantees repayment of loans made to veterans with no down payment in most cases and liberal qualifying guidelines. This makes it easy for veterans to finance their homes. The FHA and VA programs are good for borrowers with a need for: Low Cash to Close Home Affordability Convenience Easy Qualification Speed * All products are not available in all geographic locations. Contact us to see what is available in your area. Products offered subject to change without notice. To see examples of monthly payment terms, view our APR Examples.
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