30-Year Fixed Mortgage
The most popular of all mortgage products. And for good reason, offering a secure low rate and payment for 30 years.
A 30-year fixed mortgage is the go to product for most homebuyers. It offers affordable low monthly payments that never change for the life of the loan. No matter the economic climate over the 30 years of your loan, your payments will never change.
• Monthly payments never change
• Payments stay consistent however your income/inflation will most likely rise over 30 years
• Can pay off early with no pre-payment penalties
• Offer low down payment options of as low as 3% down
• Great security for first time homebuyers
15-Year Fixed Mortgage
A popular product for eager borrowers who would like to pay off their mortgage quickly and pay less interest along the way. This product offers the same security as a 30 year fixed but will get that ugly mortgage payment off your books in half the time.
• This product offers some of the lowest monthly payments on the market
• Pay less interest over the life of the loan than a 30 year fixed
• Monthly payments never change
• No pre-payment penalties for those extra eager borrowers who want to pay off their mortgage in less than 15 years
• Offers low down payment options of as low as 3% down
ARMs – Adjustable Rate Mortgages
Adjustable rate mortgages are a great tool for the advanced borrower and if used right, it can put a lot more money in your pocket, where it belongs. ARM’s are a great option if you plan to relocate in the near future or have a high loan amount where a lower interest rate can make a big difference to your monthly payment.
How It Works+
Adjustable rate mortgages offer a low interest rate for an initial fixed period and then adjusts based on market conditions. For example, a 5/1 ARM is a 30-year loan, that is fixed for the first 5 years and then can adjust every year after that based on market conditions. The 5 stands for the initial fixed period and the 1 shows that the rate can change every year after the initial 5 years. The initial fixed period typically has the lowest rates on the market.
• We offer 5/1, 7/1, 10/1 and 15/1 AMRs all with lower interest rates than 30 year fixed
• Great option if you are looking to save money in the short term
• If you plan to move in a few years this is the best option for you
• Great option for high loan amounts – the lower interest rates allow you to save big every month
PFS will track your loan and reach out to you whenever a better opportunity presents itself in the market. If we can extend your initial fixed period and lower your monthly payment, we will always communicate that with you.
Unlike most lenders, we allow you to pick the terms of your mortgage. Choose between 8-30 year mortgage term so you decide what’s the right amount of time to pay off your mortgage.
The Flex Term Mortgage gives you ultimate control over your mortgage. If you want to pay off your mortgage in less than 30 years but the monthly payments are too high on a 15 year fixed, than a 22 year fixed might be the option for you. These flexible terms allow us to give you the perfect mortgage for your situation.
FHA loans are issued by the Federal Housing Administration allowing for lesser down payments and easier requirements.
FHA Loans are insured by the Federal Housing Administration. This is a popular product for first time home buyers because it allows for a low down payment (as low as 3.5%). It also has less strict requirements allowing for low credit scores
• Fico scores of 580 or higher allow for 3.5% down payment
• Fico scores between 500-579 allow for 10% down payment
• FHA mortgage insurance is required
Looking to buy in the tranquil woods of Connecticut or scenic upstate New York? If so, this is the product for you. Backed by the U.S. Department of Agriculture, these loans offer low interest rates and NO down payments to rural and suburban homebuyers.
The U.S Department of Agriculture offers one of the best kept secrets in the mortgage industry. Designed to “improve the economy and quality of life in rural America”, it offers below market interest rates and no down payments. Yes, you heard that right, with this program you can buy a house with no money down.
Things to Know+
• Eligible for 0% down on purchases
• Property must be in a rural area or in select suburbs
• There are income limits based on location
• To check property eligibility and income limits visit: https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state
FHA 203k, Homestyle or After Repair Value Loan
The perfect loan for a fixer upper. This product allows you to finance the purchase (or refi) of a home along with the costs of renovations.
Not every home is in picture perfect condition. However, this loan allows you to take a house and turn it in to that picture perfect dream home you always wanted without breaking the bank. As we all know, buying a home can be expensive and usually by the time you close on the house, you don’t want to think about spending another penny on renovations. This loan will save you time and money by combining your home financing with renovation financing in one easy transaction.
Home Equity Line of Credit
Tap into your home’s equity with a home equity line of credit, giving you the flexibility to have cash on hand if you ever need it.
A home equity line of credit acts as a second mortgage, giving you access to cash based on the value of your home. You can draw from the account in a lump sum, periodically, or not at all. Some homeowners keep their HELOC at a $0 balance but like to know they access to cash if need be. And you can make payments on that account in monthly payments or all at once, like a credit card.
A HELOC is typically used for:+
• Major repair or remodeling
• A safety net
• Unexpected purchases or expenses
• College Tuition
• Debt consolidation
VA loans help verterans and active military members get the houses they deserve. With low costs, low rates, and 0% down – this is a no brainier for military families.
Backed by the department of Veteran Affairs, VA loans offer great benefits to veterans and their families. With lower rates than normal financing and no down payment, they make it easier to obtain a loan. Once you have a certificate of eligibility you are ready to apply for a VA loan. Unlike conventional and FHA loans, when you put less than 20% down you are not required to pay mortgage insurance. Cost affective and easy to qualify, if you are a military veteran or active military member call PFS so we an help you get the home you deserve.
Small Balance Commercial
Looking for a small commercial loan, but struggling to qualify for big bank financing due to being self-employed, low credit scores, need to pay off tax liens, etc? This small balance commercial loan could be perfect for you. Offering flexible lending guidelines and lower rates than hard money lenders.
Though these rates are higher than typical Bank rates, they are well below “hard money” rates. And when you need a faster closing than what a bank can offer, this product can close within two to four weeks without the fees that a hard money lender will charge.
Loan amounts: $25,000 - $5,000,000
Property types: Multi-family, Mixed use, Retail, Office, Auto Repair, Day Care, Restaurants, Funeral Homes, Shops, Warehouse, Mobile Home Parks, Campgrounds, Churches, Self-Storage, Dry Cleaner, Recreational Properties.
Will lend up to 75% loan to value
Construction to Permanent
Looking to build your dream home? A construction to permanent loan allows you to buy land and build your home the way you want it.
The home is appraised based on the cost of land and plans & specs. As the construction is advances and meets certain milestones, funds are advanced to the builder until the project is completed and a Certificate of Occupancy is issued. Once the project is complete, the loan then becomes a regular log term home loan. The main advantage to this type of loan is it allows you build your home how you want it with only one closing. Call for details.