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The Clermont financial group and RE/MAX Elite, If you absolutely, positively want to postion yourself to be successful in today's market!
Loan Programs
There are hundreds of different loan programs available for every situation imaginable.
Whether you have a perfect credit score, little credit experience, or are in the process of rebuilding your financial
standing, there are different programs out there designed with your needs in mind.
Some of today’s most popular loans are summarized below. If you don’t find what you are looking for here, let us know and we
will find the program that is just right for you!
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ABOUT INTREST RATES
We offer highly competitive interest rates with many program options. As a part of our service to home buyers, Clermont Financial reviews your mortgage and gives you an expert opinion - not a sales pitch. We investigate key areas to determine if your financing meets your needs.
* Good faith estimate of charges - you should receive this at application.
* Truth in lending disclosure form - you should receive this at application.
* Credit review - a serious lender would provide this before or during your application.
* Qualification criteria - does the mortgage amount make sense for you?
Our Loan Officers provide honest advice on whether your loan is the best one for you - even if it means someone else gives you that loan! We're here to provide superior service to all home buyers.
Does your Mortgage Loan:
* Best meet your current financial needs?
* Have any hidden costs?
* Offer you the best deal, now & in the future?
* Capitalize on current market trends?
* Cost you more than another loan with a higher or lower interest rate?
* Include reliable, knowledgeable, friendly customer service?
* Make sense for your life?
We look forward to serving you! |
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LOAN CHOICES
With so many loan choices, how do you pick the right one? This section highlights the loans we offer at Clermont Financial, so that you can compare and decide which one fits best into your financial future.
Visit our Mortgage Calculator Section and to find out what you can afford
Flex Home Loans
Flex 3 and Flex 5 Home Loans offer you the best of both worlds - a fixed initial rate and payment combined with the flexibility of an Option ARM. You'll get payment options after fixed rate periods of 3 or 5 years and portfolio features tailored to meet your needs.
With Flex 3 and Flex 5 Home Loans:
There is a fixed interest rate and payment for 36 (Flex 3) or 60 (Flex 5) months, which then converts to monthly adjustable Option ARM with annual payment change.
The minimum payment can only increase or decrease by 7.5%, except for 5-year recasts which ensure your loan will be repaid within the given term.
A lifetime interest rate cap limits how high your interest rate can reach.
Special Features Available
Advantage 90® (No Mortgage Insurance)
Low Documentation
100% Gift
40-year term
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FHA HOME LOANS
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely.
>> click here for more info.
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FIXED RATE MORTGAGE:
If you like to plan for the long-term and don't like to take risks, you might want to consider a fixed-rate loan. "Fixed" means that your interest rate and monthly loan payments remain the same for the life of your loan. We offer 15- and 30-year fixed-rate terms, on both conforming and jumbo loans, all with a variety of features.
We establish your interest rate and monthly payment amount when the rate is locked on the loan. You might pay a little more for the security of a fixed-rate mortgage, but for many people, the resulting peace of mind is worth it.
Advantages
• Guaranteed rate for the term of the loan once you lock
• Protection from rising interest rates
• Fixed monthly payment amount
Consider a Fixed-Rate Mortgage If:
• Your income is consistent and reliable.
• You're willing to pay more for the security of fixed monthly payments.
• You plan on keeping the same mortgage for seven years or more.
• You're looking to get into a home with the lowest down payment possible.
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LOW DOCUMENTATION
Clermont Financial understands that not everyone gets a paycheck every two weeks. our Low Doc feature works well for people whose work situations don't fit the standard mold. It reduces the amount of paperwork you need to gather - eliminating many of the steps required when applying for a loan.
Advantages
• No verification of your income and in some cases assets
• Streamlined loan process: less paperwork and less hassle
Consider a Low Documentation Loan If:
• You're self-employed, working at home, a small business owner, on a commission-based salary, or retired.
• You want to minimize the amount of paperwork you need to submit.
Available With:
• Option ARMs
• Traditional ARMs
• Fixed-Rate Mortgages
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LOT LOANS
Found the perfect location to Build your dream home? We can help you find the perfect loan!
You can choose the program that's right for you.
• Loans to $500,000.00
• Fixed rate and adjustable rate loans
• Flexible documentation
• 2nd homes allowed
Plus, when you're ready to build, we offer a one-time close Construction-to-Permanent Loan that takes you from groundbreaking to house-warming in one easy process! Now that make a whole lot of sense!
HOME EQUITY LINE OF CREDIT
Clermont Financial offers a flexible and convenient home equity line of credit (HELOC)
You choose what you want to do with your home equity line of credit.
• Remodel your home
• Take a vacation
• Consolidate bills
• Buy a car, boat or RV
• Finance tuition or other expense
CREDIT CHALLENGED
Designed for credit challenged borrowers.
• Subprime Loan Program Highlights
• Full, fast and stated income options available
• No liquid asset reserves required
• 100% CLTVs with outside second available
• Generally, source and seasoning of funds is not required
• No mortgage insurance required
• Flexibility on payoff of adverse accounts
• Attractive prepayment penalty option available
FLEX 3 & FLEX 5
A loan with a fixed initial rate combined with the flexibility of our popular Option ARM!
• Initial fixed rate periods for 3 or 5 years before adjusting to an Option ARM
• Tied to the 12-MTA index
• Purchase, refinance, cash-out refinance
• Owner, non-owner occupied and second home
• 1 - 4 unit and condos
• 95% LTV to $400,000
• 80% LTV to $650,000
• Loan amounts to $2.5 million
• Low Doc options available
• Advantage 90 ® program available
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LOAN PROCESS
An Overview of the Loan Process
Organize Your Documents
A properly documented loan application makes your loan process go smoothly. This checklist will help you gather your paperwork.
- Complete and sign the residential loan application, Form 1003, and the attached loan info sheet, credit authorization and fair lending notice. Page 4 of the application is a continuation page in case you need additional space for your assets or liabilities. If you make a mistake while filling out the application cross it out, and make a change. Do NOT use whiteout.
- If you are salaried: provide W-2's for the previous two years and one month of paystubs. If you are self-employed, provide tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: provide copies of all requested documents. Do not provide original documents.)
- If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules.
- To speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts.
- If you are requesting a cash out refinance, provide a letter explaining how you will use the refinance proceeds.
- If applicable, provide a copy of your divorce decree and settlement agreement.
- If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
- If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
- If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. (This should be with your closing loan documents.)
Get Qualified
Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.
Being pre-approved will:
- Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
- Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.
- Help you close quickly, since your loan is pre-approved.
Shop Loan Programs and Rates
What loan program is best for your situation? Lenders offer many different loan options:
- Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.
- Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.
- Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans.
Obtain Loan Approval
Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value
- Based on your specific situation, additional documents or verifications may be required.
To improve your chances of getting a loan approval:
- Fill out the loan application completely.
- Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed.
- Anything that causes your debts to increase might have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
- Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
- Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.
Close the Loan
After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to:
- Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
- Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three day rescission period.
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Fixed-Rate Mortgage
A Fixed-Rate Mortgage applies the same interest rate toward monthly loan payments for the life of the loan. Fixed-rate mortgages generally have higher interest rates than ARMs because there is more risk for the lender. For example, a lender can offer a 30-year fixed loan to a homebuyer at a 6% interest rate. The loan will remain at the 6.0% interest rate, even if the market rate rises to 8%. Fixed-Rate Mortgage benefits include:
- No change in monthly principal and interest payments regardless of fluctuations in interest rates.
- More stability may give you "peace-of-mind".
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Adjustable Rate Mortgage
Option ARMs
Option ARMs can adapt to fit your lifestyle. They offer flexible payment options and qualification standards.
Traditional Hom Loan:
Traditional home loan payments are the same each month for the term of the loan. With an Option ARM, you can choose from one of four payment choices each month -- which gives you the flexibility to change your mortgage payment as your needs change.
Payment Options:
Option 1. Minimum Payment
Option 2. Interest-Only Payment
Option 3. Fully Amortized Payment
Option 4. 15-Year Payment
Sample Statement with
Payment Options
Consider an Option ARM:
To minimize your house payment to pay off other debt.
To control how much tax-deductible interest you pay monthly.
To maximize your buying power.
If your income tends to fluctuate.
If you are confident that your income will rise over the years.
Variations:
15, 30, and 40 year terms
1, 3 and 6 month options: initial 1, 3 or 6 month fixed interest period, then adjusts monthly. Payment amount fixed for 1 year then adjusts annually. |
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FHA and VA Loans
The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have low down payments, which typically run around 3 percent, and have relatively easy requirements. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcies do not necessarily disqualify borrowers from using this program! In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance! |
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No Income Verification Loans
For self-employed buyers and others who have a difficult time documenting income history, this loan may be for you. Programs exist for up to 100% financing. These loans carry a slightly higher interest rate, but generally speaking, the more information you can document, the lower the interest rate. There are certain liquidity requirements typically associated with this type of program. Even so, it is one of the easiest programs for many buyers today! |
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Zero Down Loans
Coming up with the necessary down payment for a home loan can be a big hurdle for many would-be home buyers. Fortunately, there are options available including loans that require no money down. These loans generally carry a higher interest rate, but even so, these loans can be very affordable when you factor in today's overall rates. |
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Reverse Mortgage
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to the homeowner. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. |
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Application Checklist
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