LOAN PROGRAMS
Whatever your credit status may be, you can rest assured that Harris Funding will find you a new home loan to fit your exact needs. Our seasoned loan officers work side-by-side with our clients to guide them through the mortgage process and to advise them as to how to maximize their personal financial profile.
To better assist our clients in understanding the loan process Harris Funding has created a master list of the various types of mortgage loan programs available on today's market. To get a free mortgage quote click here!
Simply click on one of the below links to learn more:
Credit Building Loan
Adjustable Rate Mortgage (ARM) Options:
- 6 month ARM
- 12 month ARM
- 2 year ARM
- 3 year ARM
- 5 year ARM
Adjustable Rate Mortgage Advantage
- Reduce Monthly Payment
- Improve Credit
Adjustable Rate Mortgage Disadvantage
- The initial 6,12 month, 2 year, 3,
year, 5 year, interest rate adjusts
to a higher interest rate, also
called balloon payment
Adjustable Rate Mortgage Recommendation
- Increase credit score
and apply for refinance or new
adjustable rate mortgage home loan
in 12 months.
Fixed Rate Mortgage
- 2-year Fixed Interest Rate
- 3-year Fixed Interest Rate
- 5-year Fixed Interest Rate
- 7-year Fixed Interest Rate
- 10-year Fixed Interest Rate
- 15-year Fixed Interest Rate
- 20-year Fixed Interest Rate
- 30-year Fixed Interest Rate
Fixed Rate Mortgage Advantage
- Low Fixed Interest Rate
- Added Security
- Improve Credit Score
Fixed Rate Mortgage Disadvantage
- Fixed Rate converts
to Adjustable Rate Mortgage Loan
at the end of the fixed duration of the note, which
could be 6-months or 10-years.
- Rates on a Fixed Mortgage
can increase significantly. The longer you fix your
interest rate, the higher your
interest rate becomes.
Fixed Rate Mortgage Recommendation
- Refinance in advance
to avoid balloon payment
Lifetime Fixed Rate Mortgage
- 10-YEAR Fixed Mortgage
- 15-year Fixed Mortgage
- 20-YEAR Fixed Mortgage
- 30-year Fixed Mortgage
Lifetime Fixed Rate Mortgage Advantage
- Fixed Monthly Payment
- Fixed Rate
- Protection against interest rate
adjustment
- Security
Lifetime Fixed Rate Mortgage Disadvantage
- Locking in a fixed rate
with bad credit, or a low
credit score
- Higher interest rate in comparison
to Adjustable Rate Mortgage
- Increased monthly payments if you are planning
to sell your home
Private Investor Loan, Cash
- Several loan configuration
options
Private Investor Loan Benefits
- Ideal for foreclosure
and bankruptcy clients
- Opportunity to save property
and assets
- Fast close
- Less red tape and no regulatory examination
- Must show income and must have at least 45% equity in home
Private Investor Loan Disadvantage
- Higher Interest Rate
- Increased Loan fees
Credit Advantage Loan
- To meet the requirements of a credit
advantage loan, consumer credit
must be strong, a minimum of a 680 fico
credit score and higher.
Credit Advantage Loan Adjustable Rate Mortgage
- 1 Month Adjustable Rate Mortgage
- 3-1 Adjustable Rate Mortgage
- 6 Month Adjustable Rate Mortgage
- 7-1 Adjustable Rate Mortgage
- 10-1 Adjustable Rate Mortgage
- 12 Month Adjustable Rate Mortgage
- 2-year fixed rate, 28-year Adjustable
Rate Mortgage
- 3-year fixed Interest Rate
- 5-1-year Fixed Interest Rate
Credit Advantage Loan Adjustable Rate Mortgage Advantage
- Reduced initial monthly payment
- Lower monthly payments spread
over a period of time
- Interest rate and payments vary
according to margin and index
Credit Advantage Loan Adjustable Rate Mortgage Disadvantage
- Higher risk loan,
DUE TO SHORT-TERM FIX
- Monthly payment changes over
time
- Adjustable Rate mortgage dependent
upon influx of market value
Credit Advantage Loan Balloon Mortgage
- 5-year balloon mortgage
- 7-year balloon mortgage
- 15-year balloon mortgage
- 30-year balloon mortgage (organize by
year/month)
Credit Advantage Loan Balloon Mortgage Advantage
- Initial monthly payment
lower
- Lower payment over shorter period
of time
- Option to convert new loan after
initial fixed loan term
Credit Advantage Loan Balloon Mortgage Disadvantage
- Higher interest rate
at end of fixed term
- Risk of foreclosure if consumer
fails to make balloon payment,
refinance or convert the loan
State Income Asset Loan Programs
State Income Asset Loan Advantage
- Borrower can “STATE”
INCOME versus “prove” their income
- Higher income with less
debt equals a higher loan amount
- Less paperwork
- No tax return required or W2s
- Ideal loan for self-employed
borrowers
- Fast approval on loan,
minimal paperwork means less procedure
involved
State Income Asset Loan Disadvantage
- Higher interest rate
- Higher down payment required
- Typically lower loan value
No Point - No Fee Loan Program
No Point - No Fee Loan Advantage
No Point - No Fee Loan Disadvantage
- Higher interest rate
- Higher monthly payments
Home Equity Line of Credit
Home Equity Line of Credit Advantage
- Home equity line of credit
acts as revolving credit for cash
advances on home improvements
and other consumer needs
- Pay interest on the money
you borrow or remove from the equity
line of credit
- Immediate access to funds
- Interest rate may qualify as
tax deductible
Home Equity Line of Credit Disadvantage
- Interest rate changes
and adjust due to being (the loan is attached to
prime: prime can go up down or stay the same, it
moves) is attached to prime
- Payments change and adjust according to prime
Second mortgage fixed loan
- Second mortgage fixed loan
Second mortgage Fixed Loan Advantage
- Fixed monthly payment
- One lump sum of cash received
at closing
- Interest rate may be tax
deductible
Second mortgage Fixed Loan Disadvantage
- Higher interest rate
compared to first liens
- More difficult to refinance first mortgage
separately or together
Construction Loan and Home Improvement Loan
Construction Loan and Home Improvement Loan Advantage
- Opportunity to finance
the entire construction of your
property
- Opportunity to create the look and feel of your
own property
- Ability to conceptualize potential value
of your home pre-construction
- Home improvement loan increases
value of your home
Construction Loan and Home Improvement Disadvantage
- Increased out-of-pocket expense,
lender requires architectural
plans and all contractor bids
- More work to create final construction
plans on home
Farm Loan and Land Loan
Farm Loan and Land Loan Advantage
- Opportunity to purchase real
estate
- Owning land is better than not
owning land
- Lenders typically allow refinancing
on land up to a certain loan
to value ratio
Farm Loan and Land Loan Disadvantage
- Lenders typically
regulate a farm loan or land
loan to a maximum of 50% loan
to value
- Fewer lenders available to secure
this type of funding
To secure a bad credit loan in California,
Colorado, Connecticut,
Idaho, Massachusetts,
Michigan, Minnesota,
New Mexico, New York,
Ohio, Oregon, Utah,
Virginia or Wyoming,
Harris Funding can provide bad
credit financing. If you need financing
outside of these states, please contact
us for a referral |
