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Loan Programs and Rates

Call us today to learn about our competitive low rates! 866-436-3900.

30 Year Fixed Rate Mortgage
A 30 year fixed mortgage is a mortgage loan that is repaid by making 360 equal monthly payments over a period of 30 years. Since the payments are "fixed", the borrower makes the same monthly payment for the entire term of the loan. A 30 year mortgage loan is one of the most widely accepted programs used to finance a residential purchase, and is available for conventional and jumbo loans.

15 Year Fixed Rate Mortgage
A 15 year fixed mortgage is a mortgage loan that is repaid by making 180 equal monthly payments over a period of 15 years. Since payment is "fixed", the borrower makes the same monthly payment for the entire term of the loan. A 15 year mortgage loan is also one of the most widely accepted programs used to finance a residential purchase, and is available for conventional and jumbo loans.

Adjustable Rate Mortgage
An Adjustable Rate Mortgage ("ARM") is a mortgage loan that is most widely known for its low starting interest rate (when compared to a fixed rate mortgage loan). This "low" introductory rate is used to calculate the mortgage payment for a specified period of time. Once this introductory period is over, the interest rate is adjusted periodically based on a pre-selected index. The most commonly used index is the 6 month Treasury Bill or the 1 year Treasury Bill. The new interest rate is determined by adding this index to a set margin (which is determined by the lender). We currently offer a 2/28, 3/27, and 5/25 ARMs which after the initial ‘fixed period' adjusts every 6 months. We also offer a 3/1 and 5/1 ARM which after the initial "fixed period" adjusts once a year.

Pay Option Arm Mortgage
The Pay Option Arm program gives you the advantage of an Adjustable Rate Mortgage combined with flexible monthly payment options. After an introductory period, you may select each month, in addition to the required payment, 1 of 3 additional payment options:

Minimum payment plus any interest for the current month ("interest only");
Fully amortizing (based on 30 year term); or
Fully amortizing (based on 15 year term).

Interest Only Mortgage
The Interest Only program gives you the choice to obtain a lower monthly payment for your purchase or refinance. You pay interest only for the first 5 years and then the loan is fully amortized over the remaining 25 years.

Home Equity Loans
A home equity loan is a loan that uses your home as collateral. Your home equity is the part of your home that you actually own and this is the guarantee for your loan. Your home equity is calculated by taking the current value of your home and subtracting your mortgage.

For example, if your home is worth $150,000 and you have a $100,000 mortgage, you have $50,000 of equity in your home. A home equity loan allows you to borrow money using your equity of $50,000 as security for the loan.

Here are some popular uses of home equity loans:

Debt Consolidation Loans
Considering a debt consolidation loan to pay off your credit cards or other debt? A debt consolidation loan can provide a practical plan to gain control of your finances and reduce your payments by hundreds of dollars each month, plus convert the interest into a new tax deduction.

Compared to revolving credit accounts, a debt consolidation loan can replace high variable rates with a low fixed rate installment loan, which provides a fully amortized lower payment schedule to retire your debt, instead of prolonging the balances with the usual minimum payments.

Simple interest is another reason a debt consolidation loan can save money. Credit card debt is typically charged daily compound interest, which means that you would pay interest on the outstanding principle balance and the daily accumulating interest.

Since your mortgage is the only type of tax deductible interest, a debt consolidation loan is also a good way to convert interest paid on debts into a new tax deduction. Your annual savings can be substantial when compared to the alternative. A debt consolidation loan is a simple interest, fixed rate, second mortgage that can be used to pay off any type of debt, and also provides the option of receiving cash out for any purpose. The loan does not change the terms of your existing first mortgage, and no equity is required.

Let's say you have $20,000 in credit card debt at 18%. Using a home equity loan at 8%, you can make the same payment and save over $9,000 in interest. If you are in a 30% tax bracket, you will also save over $1,000 in income taxes as well.

Home Improvement Loans
A home equity loan used for home improvement, repairs or upgrades can give you a tax sheltered way of increasing the market value of your home. If you make home improvements with the specific intent of increasing your property value, make sure that the renovation will add the value you are looking for. For example, a kitchen renovation might recover the money spent and more, where as adding a pool might not.

Education
A home equity loan can be invested in your future by paying for an education. The invested money pays for itself with a higher paying job and a brighter future. A home equity loan used to pay for a child's college education can be structured in a way that you will pay only the interest while the child is in school with the hope that your college graduate can pay the balance of the loan.

Business/Investments
A home equity loan can be used to start or fund a business and it can also be used for investing in other property or the stock market. We advise caution when using the money for these purposes. While these ventures can certainly succeed and be profitable, they carry a great degree of risk and can cost you your home. Lenders always ask what the home equity loan is for. You should be aware that some lenders will not give out home equity loans for business and investment purposes as they feel that this is too risky.

Home Improvement Loans
Many homeowners decide at one time or another to make significant improvements to their homes. Or some people purchase homes that need improvements and take out an additional loan to get that work done along with the purchase. Whichever applies to you, Morgan Financial is here to help.

Whether its time to renovate your kitchen, finish off your basement, install a new roof or just make general home improvements, a home improvement loan from Morgan Financial can help you realize your dreams.

Improving your home may improve its value as well as your lifestyle
Many undertake home improvements to make positive changes in their environments. A home that looks nicer and is easier to get around makes your lives more pleasant. There may be additional benefits to improving your home. Most significantly, improvements may increase the value of your home when you sell it. Considering this benefit is particularly important when you are making improvements that have health or safety implications. In the future, having these things "out of the way" can make the process of negotiating with a buyer much easier.