Conventional Loans up to 97%
FHA Loans up to 96.5%
USDA Loans up to 100%
VA Loans up to 100%
Jumbo Loans up to 90%
Home Equity Loans up to 80%
Investor Loans up to 80%
Fixed Rate Mortgage(FRM) are loans paid off in equal payments over the term of the loan. This is the most common type of residential mortgage. The rate for this type of mortgage remains at a constant level throughout the term and these loans are available on loan amounts up to 96.5% (FHA) and 100% VA and USDA loans. By choosing the shorter term that is comfortable (and for which you will qualify), the interest savings are enormous as the term decreases. Always make a comparison between a 15 year term payment and a 30 year term payment. The difference is often surprisingly smaller than anticipated. The savings over the term of the loan, however, can be substantial. Ten and 20 year terms are also available. If you can't qualify for a shorter term try to add at least the amount of 1 additional payment per year--this can knock nearly 10 years off a 30 year loan. Another way to accomplish this is to setting up your payments "bi-weekly". This will shorten the loan by requiring half the monthly payment every two weeks. Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year. Our calculator page has several calculators that can help you determine what term payment would be most reasonable for you.
Adjustable Rate Mortgages (ARM) are loans that change interest rates with a predetermined market index. There are a variety of market indexes used, and the index will be set when the loan is made. The rate is typically fixed for a specified number of years (i.e. 3, 5 or 7) and then the rate adjusts on an annual basis with the fluctuation of the index that it is based on (such as the LIBOR, COFI or the 1 year treasury bill). Generally, these loans have a cap that limits the amount the loan can fluctuate each year as well as a lifetime cap. For example a 3/1 ARM with a 6/2 cap is a 3 year ARM that is fixed for the first 3 years. After the initial 3 years the rate will change once a year with a maximum fluctuation of 2% up or down and a maximum of a 6% increase over the life of the loan. In many cases, ARM's have a lower interest rate during the initial specified time frame than fixed mortgages and may be more applicable if you know that you are going to be in your home for a specific time frame. For example, if you know that you will be moving in 5 years, you might want to consider a 5 year ARM. ARM's are typically available in 3, 5 and 7 year terms with a 30 year amortization. These loans are available for conforming as well as jumbo loans.
Jumbo loans can be fixed or adjustable rate rate mortgages in which the loan amount exceeds $424,100. These loans are available as fixed rate loans as well as adjustable rate mortgages. A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, this limit is $424,100. This leaves a portion of the market to look elsewhere for placement. We have a full range of jumbo loan products to meet your needs.
Loans that allow a homeowner to obtain cash by borrowing against the equity in their home to consolidate debts, pay for college, remodeling, etc. The advantages of a home equity loan are that rates are typically lower than other non-secured or consumer loans and the interest is tax deductible. Loan amounts are limited to 80% of the appraised value in the state of Texas.
Prolending Mortgage is also able to offer 75% to 80% financing on 1-4 family investment properties depending on credit scores and number of units.