EXPRESS MORTGAGE, LLC
NMLS License #134221

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Express Mortgage offers a variety of loan programs to meet your needs. We work with most of the leading lenders in the mortgage industry to provide various loan programs specifically designed for the individual homebuyer needs.  Regardless of your situtation, purchase or refinance, with all of these loans programs we may have the right loan for your needs.

  • FHA/HUD INSURED
  • FHA 203K LIMITED
  • FHA 203K STANDARD  
  • VA GUARANTEED 
  • RURAL DEVELOPMENT  GUARANTEED
  • CONVENTIONAL CONFORMING
  • CONVENTIONAL NON-CONFORMING (Jumbo) 
  • MANFACTURED HOME (doublewide)   
  • REVERSE MORTGAGES (HECM) 
  • SMALL BUSINESS BUSINESS LOANS (SBA)
  • USDA BUSINESS AND INDUSTRY LOANS (B&I)

 

FIXED-RATE MORTGAGES

These programs are designed for individuals who are looking for long term ownership of their home.  A fixed-rate mortgage means the interest rate and principal payments remain the same for the entire life of the loan.  (Taxes and Insurance may change).

Fixed Rate Term Options:   10 year   15 year   20 year   25 year   30 year 

Advantages:  Consistent principal and interest payments make this loan very stable.  Since your interest rate won't change, you don't need to worry about interest rate fluctuations.  A good choice if you plan to stay in the home for a long time.

Disadvantages:  May cost you more---these loans usually have a higher interest rate than an adjustable-rate mortgage.  On average, most people move or refinance within seven years.  If rates in the current market are high, you are likely to get a better rate with an adjustable-rate loan.

ADJUSTABLE-RATE MORTGAGES

These programs are designed for individuals who plan to be in their home only a short period of time or may desire the lower interest rate available on the adjustable rate program.  An adjustable-rate mortgage (ARM) means that the interest rate changes over the life of the loan (30 years) according to the terms specified in advance for a specific loan program. Most ARM programs do offer "Rate Cap" protection, which limits the amount the interest rate can be increased, both each year and over the life of the loan.

Advantages: ARMS usually have a start rate lower than a fixed-rate mortgage, so you can increase your buying power and lower your initial monthly payments.  If interest rates go down, you'll enjoy lower payments.  Usually an ARM is the best choice for homeowners that plan to be in their home less than seven years.

Disadvantages:  Your monthly payment can increase if interest rates go up. Keep in mind that ARM's are best for homeowners who aren't planning on staying in a home an extended time.  An ARM loan is a poor choice for a person on a fixed income.  

INTEREST ONLY LOAN

With interest only loans your monthly payments are strictly the interest on the mortgage for a fixed term, usually 2-15 years.  Normally this product is a 30 year mortgage with an interest only option for the first 2-15 years.

REVERSE MORTGAGE

Use the equity in your home to get cash out for your retirement years.  We can optimize your equity to provide you with monthly mortgage payments to the bank as with a traditional loan, the lender pays you based on the equity in your home.  While the loan is outstanding you own the home and have title to it.  Reverse loan borrwers must be 62 years or older to qualify for this loan.

Reverse mortgages have become popular in America. Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
 
The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM. They will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs.

 


 


Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.