8500 Gage Blvd., Suite C
Kennewick, WA 99336
Now Mortgage Services Inc. Voice 1-509-783-9091 Toll Free 1-800-326-1303 Fax 1-509-783-9209 E-Mail nowmort@owt.com
"Leading the way in lending!" A licensed mortgage broker & Equal Housing Lender
| 8500 Gage Blvd., Suite C Kennewick, WA 99336 |
Now Mortgage Services Inc. Voice 1-509-783-9091 Toll Free 1-800-326-1303 Fax 1-509-783-9209 E-Mail nowmort@owt.com
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"Leading the way in lending!" A licensed mortgage broker & Equal Housing Lender |
Now Mortgage is a full service, licensed real estate mortgage broker service.
We specialize in finding the right loan program to get you into that home you always dreamed of. Now Mortgage can also help you finance your new construction, provide the money you need through a second mortgage, or show you how to save money through refinancing.
Explore the links below to learn more about
real estate mortgages. Also try our free, on-line mortgage calculators and links to other
mortgage web resources.
Home Loans
30 or 15 Year Fixed Rate Loans
A mortgage loan of 30 or 15 years duration in which the rate
of interest remains unchanged throughout the term of the loan. The often preferred method
of financing by homeowners because of the certainty of the monthly principal and interest
payments. The most popular terms are either 30 or 15 years, but other terms are
available. (top^)
Adjustable Rate Mortgage
A mortgage loan written for a fixed length of time with an
interest rate that is periodically adjusted up or down within a specified range. Mortgage
payments therefore will fluctuate over the length of the loan. Lenders establish maximum
limits of potential adjustment per year and over the life of the loan. Adjustments can
vary, but the mostly widely used adjustables have fixed periods of 1, 3 or 5 years. This
type of financing can be confusing and borrowers should be sure they thoroughly understand
their program before committing to an adjustable. (Click here for
more information on Adjustable Rate Mortgages) (top^)
Jumbo and Super Jumbo Loans
A jumbo loan is greater than the normal conforming limit for
our area of $214,600. Super Jumbo would usually be larger than $650,000. (top^)
Second Home Loans
Second residences occupied on a part time basis and not
considered to be an income producing property. A
non-income producing residence used as a temporary domicile
when away from the primary residence. Programs and terms available identical to those
available for owner occupant financing. (top^)
Vacation Home Loans
Second residences utilized as vacation homes. (top^)
Investor Loans
Non-owner occupied properties purchased as investments and to
generate rental income. Rates and terms can vary greatly. Spectrum Mortgage has a full
range of programs available for single family, condominium and unimproved investment
property loans. (top^)
Zero Point Loans
Loans producing a sufficient yield to the lender so that the
borrower's cost in points can be absorbed. Situations may exist where minimizing expenses
is very important and having to pay points would be prohibitive to the transaction.
(top^)
No Cost Loans
Loans producing a sufficient yield to the lender so that all
the borrower's closing costs can be absorbed. (top^)
Commercial Loans
Financing for commercial real estate as distinguished from
residential real estate. Such as stores, warehouses or apartment buildings. The same
flexibility available for residential loan applicants can be utilized in the pursuit of
commercial financing when a mortgage broker, like Now Mortgage, is employed. (top^)
Construction Loans
Short term financing for the construction of real estate.
Generally followed by long term financing called, take out or permanent financing, issued
upon the completion of the improvements. Very useful if the home is sold upon
completion. (top^)
Construction/Permanent Loans
The short term construction financing and the take out, or
permanent financing, built into one loan. The long term financing starts upon the
completion of the construction of improvements. A great convenience and cost saver
allowing one loan to serve two functions. (top^)
Short Term and Bridge Loans
Temporary financing allowing for short term objectives to be
accomplished not possible using longer term financing. Typically between 1-2 years
duration. Often used by new homebuyers who have not yet sold their existing
residence. (top^)
Agricultural Loans
Financing available for properties which are agriculturally
zoned. (top^)
FHA/VA Loans
Government insured or guaranteed loans often providing
increased flexibility for qualifying. Designed to assist the home buying public and the
active duty military or veteran. These programs are often suited to those who might have
difficulty otherwise qualifying. (top^)
First Time Homebuyer Programs
Flexible programs to address into increasing numbers of
Americans of modest income who would otherwise be unable to obtain affordable housing.
Expanded guidelines allow for easier qualifying and usually involves required counseling
on homeownership and credit management. (top^)
Cooperative (Co-op) Loans
Financing for a type of real estate ownership involving stock
ownership in a corporation owning the building. Difficult type of financing to obtain
because there is no individual ownership. (top^)
Second Mortgage
A mortgage which would rank second behind the first mortgage
in priority. Used to preserve the existing first mortgage for any reason and yet borrow
against the remaining equity in a property. (Click here for more
information on Second Mortgages) (top^)
Equity Lines of Credit
A combination of a line of credit and equity loan. A maximum
loan amount is established based on credit and equity. A mortgage is recorded against the
potential borrower's property for said maximum loan amount. The potential borrower has the
right to borrow, as needed, up to the amount of the mortgage. (top^)
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Now Mortgage
Services, Inc.
1-509-783-9091
1-800-326-1303
8500 Gage Blvd. Suite C
Kennewick, WA 99336
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(How Much House Can I Afford?)