Types of Loans
 Broadly speaking, Patriot Financial can help you with any type of financing needs you may have when it comes to mortgage financing. We pride ourselves on understanding all the products available to consumers today and being able to help you determine which product may make the most sense for you. Often we hear our competitors say we won’t quote you a loan that is adjustable or a loan with a pre payment penalty for instance. We feel this is foolish and would be doing you, our client, a disservice. What if you would like to move into another home in 2 years, would a 30 year fixed loan be the best one for you or perhaps a loan that is fixed for 5 years with a better rate would make more sense? We don’t want to decide for you or force a loan on you, we want to give all your options, advice you on what we think, and let you decide.
The following provides a list of the products we offer. Click on a loan title for a brief description of how they work:
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ARM”s are typically fixed for terms of 3,5,7 or 10 years. After this fixed period is over, they then begin to adjust. It is often wise to have your next loan ready to go before the adjustment period starts. They are a good product for those wanting increased cash flow or looking to only have a the loan or be in the property for roughly the same amount of time the ARM is fixed for. We also suggest you compare an ARM to a fixed mortgage to make sure the ARM has a much better rate, if not, the fixed loan may be the way to go. |
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 Fixed Rate Mortgage |
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Fixed rate mortgages have a rate that never changes over the life of the loan. They most often comes in terms of 10, 15, 20, or 30 years. Typically, the lower the term, the lower the rate. For instance, a 15 year note will be lower in rate than a 30 year note.
Fixed mortgages are a good idea for those with great credit and those who plan to keep their loan for 5 years at least. They are also a good idea for those who do not like to gamble with their finances at all, this is the surest of bets in mortgages. |
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| Jumbo Loans |
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A Jumbo loan is a loan that is over the conforming loan limit in your county. There are very few lenders that offer true jumbo products today, and thus the loans are limited to pimarily ARMs and 15-year fixed mortgages. |
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| Refinance Loan |
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This is a transaction that replaces your current mortgage with a new one. |
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| Purchase Loan |
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This is a transaction that gives you a mortgage on a property you are newly purchasing. |
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| Commercial loans |
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If you have a commercial property that you would like to purchase or refinance, let us, we have several products available for you to choose from. |
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| Second Mortgages and Lines of Credit |
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We can do either fixed second mortgages with terms of 15 or 30 years typically, or lines of credit (HELOC’s) A line of credit is generally a interest only payment and it works similar to a credit card. You are allowed a maximum balance you can borrow up to and can use the line of credit like a credit or bank card, and you will also have checks you can write from the (HELOC). The rates are usually adjustable, but some do have fixed periods for 5 to 7 years. They are a great product for anyone looking to avoid private mortgage insurance (PMI) or just need some cash readily available for a rainy day or investment opportunities. The rates on second mortgages are higher than firsts, so you should compare what adding a second looks like compared to just refinancing your first. |
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| Interest Only Loans |
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An interest only loan only requires that you make only a payment on the interest portion of your loan. Your balance will remain the same from month to month because no money will be applied to the principal balance, but the benefit is that it is a much lower payment than a standard payment including principal. These mortgages are a good idea with those trying to pay down other debt, those with credit issues struggling to make all bill payments on time, and those looking for additional cash flow. Often people with rentals opt for interest only mortgages because of the cash flow they offer. |
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