Today, there are more types of mortgage loans available than in the past. However, there is only one frogLOAN™.  The frogLOAN™ is a modifiable mortgage which means you can change your loan program or lower your interest rate WITHOUT going through a refinance.  Since no two customers are alike, in addition to the ModLOAN™ we have a wide variety of programs available whether you're buying a home or refinancing your present one.

Fixed Rate

With a fixed rate mortgage, you know exactly what your principal and interest payment will be every month. It won't change because your interest rate won't change. There is only one instance in which your total payment will change when you have a fixed rate mortgage. If you pay your home insurance and real estate taxes through your mortgage, any time there is a change in those costs, there will be a change in that part of your mortgage payment as well. If interest rates go up, you're protected with a fixed rate mortgage. But, you won't benefit if rates go down. You can; however, take advantage of falling rates by refinancing.

Adjustable Rate

Compared to fixed rate mortgages, Adjustable Rate Mortgages (ARMs) offer a lower interest rate to start, so your monthly payments are generally lower. But, the interest rate is adjusted at times, based on an "index". Some of the more common indices include United States Treasury Bills, California's 11th District Cost of Funds and the London Interbank Offered Rate (LIBOR). Every lender then adds a set margin to that index. The result? Your payments could go up or down, depending on the economy and its resulting indicators.The index used, the margin added, and how often your rate is adjusted (usually every 1, 3, 5 or 7 years) can be different from lender to lender. Be sure to ask what they are. Look for ARMs with interest rate "caps". These limit how much your rate can go up or down each time it is adjusted, and how much it can go up or down over the life of the loan.

frogLOAN™ No Points! No Closing Costs!! No Kidding!!!

A frogLOAN™ is a mortgage which allows you to lower your interest rate, change your term, change your loan program, and change whether you pay interest only or principal and interest, all without wrapping pesky closing costs back into your loan.  With the frogLOAN™ we pay your closing costs for you! 

Jumbo Loans

A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, this limit is $417,000. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.

FHA

FHA loans usually offer liberal qualifying criteria and require smaller down payments. Both fixed and adjustable loans are available. These loans are insured by the Federal Housing Administration and you must meet certain FHA guidelines. You could call the FHA loan the original first-time homebuyer program

VA

Eligible veterans can get long-term loans with little or no down payment, more flexible qualifying standards, and possibly, lower interest rates. These loans are made possible by the Department of Veterans Affairs

Balloon Mortgage

A Balloon Mortgage is a mortgage that has regular monthly payments which amortize over a stated term, but call for a final lump sum (balloon payment) at the end of a specified term. This is a fixed rate mortgage and the equal payments are fully amortized. The amortization schedule can be set for 15 or 30 years with a balloon payment due in 5 or 7 years.

No Doc Programs

No Doc Programs are designed for borrowers whose income may be more difficult to verify (self employed, tips, bonuses, commissions, rental income, etc). These people often have good assets and good earning potential, but they have minimal documentation. These programs are typically based on credit rating only and the borrower won't be questioned about income or assets.

Interest Only ARM

The Interest Only ARM was created for borrowers who don't have the budget to immediately pay their full mortgage payment, but will in a few years. Whether the borrowers will have a large debt paid off or will be making more money in a few years, this program lowers the short-term payment making it more affordable. The Interest Only payment is for a set period of time and then adjusts to a fully amortized payment for the remainder of the loan term. But, until then, the Interest Only ARM Program makes the payment more manageable.

One Time Close Construction/ Permanent Program

With this program, the construction and permanent phases of home building are combined into one loan and one loan closing. A one-time application and closing result in a reduction of closing costs. There is also the assurance of permanent financing prior to construction and a guaranteed rate for up to a 12-month period, which guards against rising interest rates during construction. In addition, financing is simplified with the ease of having both interim and permanent financing handled by one lender. We offer construction and permanent financing in one easy step!

 Equity and Lines of Credit

The main difference between these two products is the way you access funds. A Home Equity Line of Credit is a revolving personal line of credit that lets you borrow again and again. A Home Equity Loan lets you borrow a specific amount for a specific time.

We can help you with these choices. Contact us and you will be connected to an experienced Loan Educator who can help you evaluate in detail the many benefits of the ModLoan.

Disclosure: All loans subject to credit approval and property appraisal.  Programs subject to change without notice.  Adjustable Rate mortgage rates may increase after settlement.  ModifyNow.com is an educational website and NOT a mortgage lender.