Cenmark Mortgage can provide you with a wide array of mortgage loan options. It’s because of this that we can tailor fit your mortgage loan to suit your needs. We pride ourselves in bringing our clients the most available loan options in the industry. Here are some of options you should considering when deciding on the loan that is right for you.
First, it is important for you to decide which type of loan and what term length is right for you. There are many programs available and you should carefully consider your options. A Cenmark Mortgage professional can help you come up with the loan you’re looking for.
Fixed rate loan programs offer a set rate for the term of your loan. They also provide the confidence of one fixed monthly payment and are simple to budget for.
An ARM loan offers low introductory rates for a set period of time. An ARM can be fixed for 2,3,5,7, or 10 years. After this fixed period; the rate will adjust to reflect current market conditions. An ARM can provide the flexibility of a much lower introductory payment and allows you to ease into larger payments over time. Initial ARM rates are usually much lower than fixed rates depending on market conditions.
The Loan Term defines the length of time you’ll be making monthly payments in order to repay your mortgage. We offer residential loans in 10, 15, 20, or 30 year terms. We even offer terms up to 40 years! Longer terms allow you to spread out the repayment of your loan of a longer period of time. In turn this reduces your monthly payments. Shorter terms payoff your loan sooner; but require larger payments each month.
You should consider that longer term loans equal more interest paid over time. While shorter terms reduce the total amount of interest over time. Shorter terms can also offer lower interest rates. However, with today’s historic low rates; it is still possible to obtain a great rate regardless of the term you choose.
Interest First Loans provide the option of only having to make the interest portion of your monthly payments. This can be for both fixed and adjustable rate loans. With Interest First loans you have the option of only paying the interest portion or the full mortgage payment. This offers convenience, easy budgeting, and can help you to deal with unexpected expenses during a single month.
Cenmark Mortgage Company offers low interest rate loans with ZERO Closing Costs. That’s right, you pay nothing. Contact Us today to find out how you can obtain a NO CLOSING COSTS loan.
A 40 year loan term allows you to spread your payments over a longer period of time. This reduces your monthly obligation and can be refinanced into a shorter term in the future. This is a good alternative to interest first loan options or an ARM. The 40 year term allows you to ease into a new mortgage since your payments are significantly lower than a 20 or 30 year loan term.
Generally speaking, anytime your mortgage amount is over $417,000 it is considered a Jumbo Mortgage. We offer our clients jumbo loan limits are up to $729,000 for a single-family home. Multi-Family homes can be approved for up to a $1,400,000 loan amount. We also offer very low, competitive jumbo rates, low fees and low down payment requirements. Many Jumbo Loans are available up to 95% of your home’s value or purchase price.
- Single Family Homes
- 2, 3 and 4 Family Homes
- High Rise Condominiums
- Low Rise Condominiums
- Construction Properties
- Duplex or Twin
- Co-Op Properties
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- Adult Communities
- Townhouses
- Vacation Homes
- Investment Properties
- Rehab Properties
- Mixed Use Properties
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Please see our Renovation Loans page
Please see our FHA Loans page
* Contact Us to discuss options and loan terms that work best for you.
