|
Other Loan Options
We offer a variety of mortgage programs for home buyers with particular requirements or specific circumstances. Getting a loan that matches your situation is important. Review the specialized loan options below and find the one that fits your needs.
Balloon Mortgages
A Balloon Mortgage is a mortgage that has regular monthly payments which amortize over a stated term, but call for a final lump sum (balloon payment) at the end of a specified term. This is a fixed rate mortgage and the equal payments are fully amortized. The amortization schedule can be set for 15 or 30 years with a balloon payment due in 5 or 7 years.
No Doc Programs
No Doc Programs are designed for borrowers whose income may be more difficult to verify (self employed, tips, bonuses, commissions, rental income, etc). These people often have good assets and good earning potential, but they have minimal documentation. These programs are typically based on credit rating only and the borrower won't be questioned about income or assets.
Streamlined Purchase Mortgage
The Streamlined Purchase Mortgage is available to borrowers whose loan is currently serviced by National City Mortgage Co. and has been for the last 12 months. The benefit of this program is that it requires limited documentation allowing you to minimize the paperwork involved with purchasing a home.
Interest Only ARM Program
The Interest Only ARM was created for borrowers who don't have the budget to immediately pay their full mortgage payment, but will in a few years. Whether the borrowers will have a large debt paid off or will be making more money in a few years, this program lowers the short-term payment making it more affordable. The Interest Only payment is for a set period of time and then adjusts to a fully amortized payment for the remainder of the loan term. But, until then, the Interest Only ARM Program makes the payment more manageable.
|
.gif)
