Our lenders have dealt with Conforming Loans for over 20 years, ensuring that the mortgage loan conforms to a comprehensive list of guidelines. The professional and knowledgeable staff at Delawari Financial are at the clients’ disposable throughout the entire loan process. Our loan agents will estimate the individual’s loan-to-value ratio, debt-to-income ratio, assess credit rating and history and prepare all necessary documentation.
Loan Programs Available:
Fixed Rate Product: 30 Year / 25 Year / 20 Year / 15 Year / 10 Year. Fixed-Rate Mortgage (FRM) is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float”. As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.
ARM (Adjustable Rate Mortgage): 10/1, 7/1, 5/1, and 3/1 are most prevalent. A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender’s standard variable rate/base rate.
Mortgage Insurance (MI) will not be required. Mortgage insurance (also known as mortgage guarantee) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.