What are Refinance Mortgage Loans?

Refinancing mortgage loans allows you to pay off your current loan and get a new mortgage in place. This can help you access equity in your home, consolidate debt or simply take advantage of lower interest rates. Most of our borrowers find that refinancing is much easier, than the initial purchase.
Total finance charges may be higher over the life of the loan.

Additional Refinance Loans Features:

• Lower your monthly payments
• Switch Loan Types
• Pay off your mortgage faster
• Obtain Cash from the Equity of your home

Our Mortgage advisor can help guide you through this process. We are familiar with all Refinance loan requirements and will help you find the best options and terms. Call us today for your FREE consultation at (202) 702- 4861.

What are Home Equity Loans?

A home equity loan, also commonly known as a second mortgage you receive money for your needs. You can use for almost any purpose. Uses may include: home improvements, debt consolidation, major purchases (appliances, cars, boats, etc.), vacations, major or medical expenses, etc.

 Additional Home Equity Loan Features:

• A second mortgage can even be used as a purchase loan along with a first mortgage.
• The flexibility that it provides when compared to other traditional loan sources.
• Your payment stays the same for the life of the loan

Our Mortgage advisor can help guide you through this process. We are familiar with all Home Equity loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What are Reverse Mortgage Loans?

 Reverse mortgages are aimed exclusively for senior citizens (62 years and older). They are also known as the Home Equity Conversion Mortgage (HECM) by the FHA, which also insures them. An HECM (Home Equity Conversion Mortgage) harvests or converts a substantial portion of value built up over the years into ready cash, meaning the borrower  can obtain these funds in a lump sum, monthly installments, a line of credit, or a combination of the three, making reverse mortgages not only comparable to other home equity options, but more flexible as well, they can continue to live in the home, retaining title. If the property has an existing mortgage, it must be paid off in the closing process. This of course reduces the escrow payout.

Our Mortgage advisor can help guide you through this process. We are familiar with all Home Equity Conversion loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What are Jumbo Mortgage Loans?

Jumbo Mortgage loans are usually the ones for home buyers who are interested in purchasing a larger, more expensive home turn to CMA for our large selection of jumbo loan programs and excellent service. Jumbo loans provide larger loan amounts than the standard conforming loan programs giving you greater flexibility in buying your next home. They require lower debt-to-income ratios, higher down payments, and higher FICO scores than a conventional mortgage.

We are currently working a special offer on Jumbo Loans to provide the same rates as we can provide for Conforming Loan Amounts.

Additional Jumbo Loan Features:

In addition to the fantastic jumbo loan rates offered, you also want to get the best terms. We also have a wide variety of options such as:

• Asset based loans
• Variety of interest only adjustable rate mortgage (ARM) programs
• Multiple fixed rate loans with amortization periods ranging from 10 to 30 years

Our Mortgage advisor can help guide you through this process. We are familiar with all Jumbo loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), conforming mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.

However, in some cases, we may find programs available for less than a 5% down payment. Please contact us today, to see what programs are available.

 Additional Conventional Loans Features:

• Products and Amortization Terms
• Fixed rate adjustable
• Long and short term

Our Mortgage advisor can help guide you through this process. We are familiar with all Conventional loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What are VA Loans?

VA Loans are mortgage loans for Military and spouses eligible for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. Interest rates tend to be below market and to help veterans purchase properties with no down payment.

Our Mortgage advisor can help guide you through this process. We are familiar with all VA loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What is FHA (Federal Housing Administration) Mortgage Loans?

FHA loan is a mortgage that allows for a purchase of a primary residence with a low-down payment and is insured by the Federal Housing Administration. FHA loans help families become homeowners by lowering the cost of financing and the down payment barrier to buying, as well they are a great product for those who can’t afford a large down payment and are looking for flexible credit qualifying standards.

Additional FHA Loans Features:

A 30-year fixed-rate FHA loan is a great choice for those looking for a low monthly payment that won’t change.

• Down payments as low as 3.5%
• A lower than average credit score threshold
• Extra low closing cost options available

Our Mortgage advisor can help guide you through this process. We are familiar with all FHA loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861.

What are Adjustable Rate Mortgages?

An adjustable rate mortgage are loans that differs from a fixed-rate mortgage in many ways. Most importantly, with a fixed-rate mortgage, the interest rate stays the same during the life of the loan and it can be fixed for a specific term based on the product you choose. This is referred to as a “hybrid” ARM, you have the benefit of features from both a fixed and adjustable rate product, and then adjusts annually in relation to an index. Payments may go up or down accordingly.

Additional Adjustable Rate Loan Features:

• Low interest rate and low payment

Our Mortgage advisor can help guide you through this process. We are familiar with all Adjustable Rate loan requirements and will help you find the best options, terms, and down payment solutions. Call us today for your FREE consultation at (202) 702- 4861