Oceanside Mortgage - Loan Programs
FHA Streamline Refinance
This government sponsored program can save you thousands, with little or no
cost to you! Late payments and credit are not a problem!
Combine all of your debts into one lower monthly payment.
Get out of that ARM
Most borrowers can actually qualify for a low fixed rate instead of that risky
adjustable rate mortgage.
Reverse Mortgages - "The
Reverse Mortgage Outlet"
Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity
in your home into cash while you retain home ownership. Visit our reverse
mortgage division, "The Reverse Mortgage Outlet" to find out more.
The traditional fixed rate mortgage is the most common type of loan programs,
where monthly principal and interest payments never change during the life of
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during
the loan's term. These loans usually have a fixed interest rate for an initial
period of time and then can adjust based on current market conditions.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate
and adjustable-rate mortgages.
Components of an ARM
To understand an ARM, you must have a working knowledge of its components.
Commonly Used Indexes for ARMs
This is a list of the most commonly used indexes by ARM lenders.
Balloon mortgages have a note rate that is fixed for an initial period of time, and then
the remaining principal balance is due at the end of the term.
Graduated Payment Mortgages
Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a
predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan.
What kind of loan program is best for you?
So what kind of mortgage is best for you? Fixed rate? Adjustable rate? Government loans? The
truth is, there is no one correct answer.
Interest Only Mortgage
Get the facts about an "Interest Only" mortgage here