The Whitlow Group - Whitlow Loans

Note: The loan types listed above are the most popular loan types we work with, but they are by no means the only types. If you're interested in a loan that's not listed below, or if you have any questions about mortgage loan programs in general, we'd love to hear from you! Contact Us

Fixed Rate Mortgage Loan

A fixed rate mortgage loan is a mortgage loan that has a fixed interest rate for the entire life of the loan. Since a fixed rate mortgage loan has a fixed interest rate that can't change, the principal and interest payment of a fixed rate mortgage loan also stays fixed for the life of the loan.

This means that if you took out a 30 year fixed rate mortgage loan and paid it off over a period of 30 years, then your last principal and interest payment would be for the same amount and at the same interest rate as your first payment.

Adjustable Rate Mortgage Loan

An adjustable rate mortgage loan is a mortgage loan that has an adjustable interest rate over the life of the loan. Adjustable rate mortgage loans typically start out with lower interest rates than comparable fixed rate mortgage loans, because adjustable rate mortgage loans have less long term stability.

An adjustable rate mortgage loan's introductory interest rate is fixed for a certain period of time, typically 3, 5, 7 or 10 years, after which the interest rate adjusts periodically according to where general interest rates are at the time of the adjustment point. After the initial introductory period is over, adjustable rate mortgage loans typically adjust their interest rates every six months or every year.

When an adjustable rate mortgage loan's interest rate is adjusted, the interest rate can go higher or lower than it was previously, or it can remain the same. The new interest rate will be determined by what general interest rates are doing at the time of the adjustment point (i.e. if general interest rates are going up the adjustable rate mortgage loan's interest rate will probably go up, if they're going down the adjustable rate mortgage loan's interest rate will probably go down).

Adjustable rate mortgage loans typically have caps to limit how much the interest rate can go up or down each adjustment period, and how much the interest rate can go up or down from where it originally started.

Interest Only Mortgage Loan

An interest only mortgage loan is a mortgage loan that allows you to make payments on just the loan's interest (instead of both the principal and the interest) for a fixed period of time. Because you're only paying on the loan's interest, interest only mortgage loans are typically the cheapest way to get into a home, or the best way to afford the most expensive home.

The interest only period of an interest only mortgage loan is typically 1, 3, 5, 7, 10 or 15 years. After this period is over the loan's principal and interest are amortized for the rest of the loan's life, so monthly payments will go towards both principal and interest (and will be higher than they were during the loan's interest only period).

Zero Down Mortgage Loan

A zero down mortgage loan is a mortgage loan that allows borrowers to finance a home's entire purchase price instead of only a percentage of the purchase price. In other words, zero down mortgage loans do not require a down payment. If you bought a home for $150,000.00 and financed it with a zero down mortgage loan, the loan would be for $150,000.00. There are many different zero down mortgage loan programs available in today's market, including both fixed rate zero down mortgage loans and adjustable rate zero down mortgage loans.

Zero down mortgage loans typically have higher credit requirements than regular mortgage loans, because there is a higher risk of default (foreclosure) with a zero down mortgage loan than there is with a conventional mortgage loans. However, there are many different types of zero down loan programs available today including zero down mortgage loans for those with perfect credit and zero down mortgage loans for those who have some credit issues.

Stated Income Mortgage Loan

A stated income mortgage loan is a specialized mortgage loan where the mortgage lender verifies employment and assets, but not income. Instead, an income is simply stated on the formal 1003 application (the stated income on the application has to be realistic for the employment type). Stated income mortgage loans are ideal for those who's employment and assets are verifiable, but whose income is not verifiable for the type of mortgage loan they're interested in.

Stated income mortgage loans are available as both fixed rate mortgage loans and adjustable rate mortgage loans. Because the mortgage lender qualifies the borrower only off employment and assets with a stated income mortgage loan, the qualifying guidelines are more strict and the interest rate is also somewhat higher than it would be for a regular full doc mortgage loan. In addition, stated income mortgage loans typically require at least 5 percent down from the borrower's own funds.

No Doc Mortgage Loan

A no doc mortgage loan is a specialized mortgage loan where the mortgage lender does not verify employment, income or assets like they do with regular mortgage loans. The only information the lender verifies for a no doc mortgage loan is the credit information of the borrower and the value of the property being financed. Because there is a higher risk of default (foreclosure) with no doc mortgage loans, they typically have higher interest rates than regular mortgage loans.

No doc mortgage loans are available as both fixed rate mortgage loans and as adjustable rate mortgage loans. In general, lenders require at least a 5 percent down payment for no doc mortgage loans, though they typically require more for adjustable rate no doc mortgage loans. Because the lender is qualifying the borrower off just their credit and the property's value, no doc mortgage loans tend to have stricter credit guidelines than regular loans. However, there are no doc loans available for borrowers with credit issues.

Bad Credit Mortgage Loan

A bad credit mortgage loan (or "sub-prime" mortgage loan) is a specialized mortgage loan designed for customers with credit issues. Bad credit mortgage loans are easier to qualify for than regular mortgage loans, because they have more flexible credit and income requirements. There are various types of bad credit mortgage loan programs, but most of them tend to be adjustable rate mortgage loans as opposed to fixed rate mortgage loans.

This is because bad credit mortgage loans usually have higher interest rates and higher down payments than regular mortgage loans, so most people prefer to use a bad credit mortgage loan simply to get into a home and help rebuild credit. Once they've been in the home for a year or two, people typically refinance the bad credit mortgage loan with a regular loan.

FHA/VA Mortgage Loans

Government sponsored loans such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) offer house seekers another option to buy in the home market. Perfect for first-time buyers, low-to moderate-income, buyers with limited cash, and for those who have minor credit problems, these loan programs usually feature low down payments and below-market interest rates.

Bond Money Loans

We now offer FHA loan programs that offer up to 5% towards your down payment and closing costs. Standard FHA guidelines apply, and the program is designed to fit first-time buyers. For more information, or to find out if you meet the requirements, contact us.