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First Patriot Mortgage works with many lenders, so we can offer a loan program that
is just right for you. Whether you are purchasing a home, refinancing, or investing,
we can provide the best loan program at competive rates to meet your specific needs.
We arrange but do not make loans. |
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Conventional Fixed Rate - 10, 15 year, 20 year, and 30 year
Fixed-rate mortgages are stable and offer long-term savings. Because the interest
rate never changes, the monthly principal and interest payment never changes either.
If you plan to own your home for at least 5 years, a fixed-rate mortgage can help
protect you from inflation. Because your mortgage principal and interest payment remains
the same it is easier to budget. MORE
DETAILS  Top
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages are popular because they usually start with a lower interest
rate, so your monthly payments are lower. This allows you to qualify for a larger
mortgage than would be possible with a fixed-rate mortgage. The interest rate on an
ARM is adjusted periodically based on an index that reflects changing market interest
rates.
There are many different types of Arms The most common we offer are: 10/1 ARM, 7/1
ARM, 5/1 ARM , 3/1 ARM and 1/1 ARM. The first number is the length of the initial
period - how long it is until the first interest rate adjustment. For example, the
interest rate on a 10/1 ARM will not change for the first 10 years but can change
in the 11th year. People often plan to sell or refinance their home before the end
of the initial period. MORE
DETAILS Top
Option Arm
The Option Arm has a start rate as low as 1.25%. It is an adjustable rate mortgage
based on either of two indexes. It is a loan program that provides both stability
and flexibility. The stability is from the fact that the indexes are based on a 12
month rolling average or weighted average. The flexibility gives you four payment
options every month (minimum, interest only, principal and interest based on a 30yr
schedule or principal and interest based on a 15yr schedule). The index is the part
that adjusts every month. Your margin is added to the index every month to determine
your rate. The margin will remain fixed over the life of the loan. The program also
has caps. Your minimum payment has an annual cap of 7.5%. There is a deferment cap
of 125% and there is a lifetime cap of 8.95%. There is also a recast every five years.
A First Patriot loan officer can assist you in determining which Option Arm is the
best choice for your particular needs. Top
Interest-only Programs
These ARMs feature interest-only payments for a set period, the first three, five
or seven and even up to 10 years. You can qualify for more a loan and more of a house
with these ARMs. Top
Investor or Non-owner Occupied
Financing offered for investor and/or non-owner occupied properties.
Refinances, both rate and term or cash-out
Cash out refinances and the lowest interest rates. Refinance in less the 30 days.
No Prepayment Loans
Some lenders will charge a prepayment penalty if you refinance or sell your home.
We have programs that offer no penalties when you payoff your loan. Top
Single or multi-families and condominiums
We offer many programs that cover all types of housing.
Conforming Loan Limits, 2008 Fannie/Freddie Limits
1 Family $417,000
2 Family $533,850
3 Family $645,300
4 Family $801,950
Jumbo Loans
We offer many jumbo loan programs, for loans that do no fall under the above requirements.
Since Fannie and Freddie will not purchase these types of loans, they usually carry
a slightly higher interest rate (to enhance their value and marketability to investors). Top
First Time Homebuyer Programs
We are conscious of the fact that buying a home for the first time can be a traumatic
experience. Perish the thought! Let us be your professional mortgage guide! We have
access to a variety of products tailored specifically for the buyer of his/her first
home and are willing to walk you through what sometimes can be an overwhelming experience.
Down payment is a hurdle for some first time buyers. Within this grouping, some products
allow the down payment to be a gift, or it can even be contributed to you by us.
Credit - whether insufficient, or poor past experience with it - does not have to
keep you from buying a home. We have a variety of ways to indicate good credit from
the bad, including showing supplemental credit. Poor credit is just another opportunity
for us to be creative and assist you in your quest! Top
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Clients that became friends...
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"Until we talked to the First Patriot professionals, I
had no idea getting pre-approved could be done so quickly. Our loan officer,
Jeff, made the mortgage process understandable and helped us make some big decisions
towards buying our first home."
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- Scott and Mary Beth Hamwey, Boston, MA
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