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Fairway Mortgage, Inc.
'Your Personal Mortgage Banker'
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| Purchasing/Financing |
| Refinancing |
| Equity Loans |
| Investment Property |
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Purchasing/Financing
Purchasing a new home can sometimes be a very stressful situations since it is often the largest financial obligation most people have. This is especially true if you are a first time buyer. You need the assistance of a professional loan officer to guide you through the purchasing steps and advice you on your lending options.
Did you know...
* There are conventional loan programs with as little as 3% down, no reserves required, and expanded income ratios which are easier to qualify for than government loans and have half of the closing costs?
* That buyers who have pre-approval save on average of $3,000 because the sellers take them more seriously?
* You could get a loan with no points, no fees and no closing costs?
The loan professionals at Fairway Mortgage will walk you through each step fully explaining the process and advise you on your options based on your qualifications. Contact us today for a no cost, no obligation consultation or pre-qualification.
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Refinancing
Refinancing your home means paying off your existing loan with the new loan from Fairway Mortgage. There are many reasons why people choose to refinance:
1. Lower Interest Rates. When rates fall, the savings could be substantial. The old saying that you need a 2% spread between your current rate and the rate of a new loan is no longer true now that we have no point loans. A 1% interest rate reduction on a $100,000 loan saves you over $25,000 over the life of the loan. If you refinance from a 30 year loan to a 15 year loan at the same interest rate, you save over $92,000 over the next 15 years!!
2. Consolidate Debt. By refinancing you may be able to pay off high interest credit card bills or student loans and take advantage of the tax deductions of a home loan. Why not maximize your tax deductions, lower your monthly payments and have only one check to write each month.
3. Home Improvements. Tap into your home's equity to remodel or add that extra room you have always wanted.
What ever your needs or financial situations may be, Fairway Mortgage has the loan program for you.
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Equity Loans
Equity loans, sometimes called second mortgages, are loans designed to tap the equity in your home while leaving your first mortgage in place. Often, homeowners need extra money for home improvements, debt consolidation, continuing education, purchase a car, etc., but they do not want to refinance the low rate on their first mortgage. Equity loans allow homeowners to take advantage of the tax deductions of a home loan, lower their monthly payments, and reduce their overall interest rate on debt.
For example, if a homeowner had $15,000 in credit card debt, their monthly payment could be as much as $750 per month. The payment on a $15,000 equity loan could be as low as $118 per month. He or she saves $632 per month!!
Fairway Mortgage has over 30 different equity loan programs. Equity lines of credit allow you to write checks using the equity in your house as collateral.
For example, if your house has $40,000 in equity, the balance in your check book is $40,000!! Let's say you use $15,000 to pay off credit card debt. You pay interest on only the $15,000 you spend, you have $25,000 remaining in your account for other purposes, and the interest you pay is tax deductible.
Fairway also has a variety of fixed and adjustable equity loans to choose from. Call (708) 389-1188 today or fill out our loan quote request if you would like professional assistance to help you choose loan program that best fits your needs.
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Investment Property
Experienced real estate investors know how difficult it is to get financing on investment properties. Most lenders reduce your loan to value up to 70%, they will not refinance your property if you have owned it for less than 1 year, and if you bought the home for under market value and need cash out for repairs or improvements, most lender will just laugh.
Not at Fairway Mortgage. We have purchase money first mortgage and rate and term refinance loan programs at a 90% LTV. If you have owned the property for less than one year and need cash out, Fairway Mortgage has loan programs at 80% cash out. Or, if you purchased a distressed property significantly under value and need money for repairs we have loan programs based on the higher market value of the property not the lower purchase price.
Contact Fairway Mortgage today and an experienced investment property loan officer will consult with you regarding all your lending options.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $322,700 with closing costs of $6,454. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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