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Mortgage Loans From Security Pacific Financial

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Mortgage Loan Types

Loan Types

1. Purchase Loan

2. Refinance Loan

3. Home Equity Loans

4. ARMs - Adjustable Rate Mortgages

5. Save Me Loans!

Purchase Loans

Purchasing a home is one of the greatest and most fulfilling accomplishments in ones life. The tax benefits of home ownership truly make it the American Dream. If you are first time home buyer or someone who is looking to purchase their next home we have a variety of loan programs to meet your needs. Follow these simple steps to buy a home and find loan types below:

Home Buying Process

1. Determine your budget - How much home you can afford

2. Get Pre-Approved with us for your Loan (Call 1-866-854-9961)

3. Decide what are the "must haves" in your new home

4. Search for your home

5. Make an offer on it (Fax the paperwork to us)

6. Lock in your interest rate

7. Close your loan

Types of Loans

Conventional Loans

These are traditional loans that are not insured by the government and they come in a large variety of options. You can get a fixed, adjustable, or interest only type of conventional loan depending on what your financial situation is. Here are some of the benefits:

• 100% Financing Options Available

• No Income Verification Options Available

• No Mortgage Insurance

• Many Term Lengths

FHA / HUD Government Loans

FHA loans were designed to increase home ownership. They make it easier than conventional loans to buy a new home. In fact credit scores are not a major factor when qualifying. These are excellent loans for first time homebuyers or young couples. One downside to FHA loans is that they require mortgage insurance for the first 5 years. Here are some of the benefits:

• Only 3% Down

• Easier to Qualify for

• 100% Gift Down Payments are Accepted

• Fixed or Adjustable Options

• Government Regulated Fees

VA Veterans Administration Loans

There are over 29 million veterans that can qualify for VA loans which are specifically designed for them. The qualification process is easy and these loans do not require mortgage insurance like FHA loans. One downside to VA loans is that they amount that you are allowed to borrow is limited. Here are some of the benefits:

• 100% Financing Available

• Easy to Qualify for

• No Early Payoff Penalties

• Veterans Do Not Have To Pay Many Closing Costs

• Government Regulated Fees

Refinance Loans

Refinancing can be a great way to take advantage of some previously unseen benefits from the time you purchased your home. Just like a new home purchase there is a huge variety of loan options. Depending on what kind of market you're in, if interest rates are rising or falling there may be a refinance option available to you. Take a look at common reasons to refinance.

Lowering Your Payment

When the interest rates are going down it is extremely easy to refinance your house to the current rate and lower your monthly payment so long as you are in good credit standing. A typical refinance to lower a monthly payment can save you up to $100 a month or more!

Debt Consolidation

Everyone encounters a time when they have debts that begin spiraling out of control. Credit cards with high interest rates, unexpected medical emergencies, or school bills are the most common reasons people establish debt. If your home has developed some equity it is easy to refinance and consolidate all of your bills into one low mortgage payment. The best part is the interest on all of those bills may now be tax deductible because it is combined in with your mortgage.

Switch from an Adjustable to Fixed Rate Loan

If your only option when you first moved into your home was an adjustable interest rate loan then a refinance as rates decrease is an excellent way to lock in a fixed rate. Most homebuyer, especially in high value areas cannot afford the payments on fixed rate loans initially when they buy their home so they go adjustable. Do not let that deter from buyer because the line you can always refinance!

Shorten a Loan Term

When interest rates fall it may be possible to refinance and get a loan that is shorter in term yet your monthly payments are the same or less. Imagine paying your house off sooner except every month you send away the same check. Be savvy a follow the interest rates so you do not miss when these opportunities come around.

Get Rid of Your Mortgage Insurance

Some borrowers are required to carry mortgage insurance when they first buy a home. After time when enough equity is developed, usually their loan balance is 80% of the value of their home they can refinance and eliminate the need for mortgage insurance. This can be a costly extra payment per month that can be easily removed.

Home Equity Loans

Home Equity Line of Credit (HELOC)

A home equity line of credit works like a credit card against the equity on your house. You may borrow available funds up to the maximum limit on your credit line. The interest rate on a HELOC (home equity line of credit) is variable and changes based on the index it is tied to, such as the prime interest rate shown in the Wall Street Journal or other financial reports. Your interest rate adjusts when the index changes. During the first 10 years your minimum payments are interest-only. At the end of this period, the outstanding balance of your HELOC (home equity line of credit) is due and payable. Since there is this period where you can no longer borrow and must pay it back if differs from a credit card so you cannot stay in debt.

Installation Loans

Basic home equity loans or "installation loans" is money loaned to be repaid at a fixed interest rate in monthly payments over the term of the loan. The term of the home equity loan is shorter than your average first mortgage on a home. Home equity loan interest rates are higher than first mortgage rates due to the fact that lenders take greater risks than a 1st mortgage lender. When you decide, or it becomes necessary to sell your home, the lender of the first mortgage is first in line to be paid, ahead of the second mortgage holder (home equity loan).

125% Home Equity Loan

125% Home Equity Loans are a ideal solution for borrowers with good credit but limited available cash. Security Pacific Financials 125% Home Equity Loan provides you with the home equity answer that you have been looking for. It allows borrowers to pay off current credit card debt, reduce monthly expenses or finance home improvements or large purchases by borrowing up to 125% of the value of your home. Find out what amount you can borrow, multiply the current value of your home by 125% and subtract the balance on your current mortgage. The difference is the amount available to you to pay off those lingering bills! 125% Home Equity Loans can minimize your monthly payments greatly if you are consolidating your debt. While rates are usually higher than a traditional second or home equity loan, they are lower than consumer or credit card rates and offer longer repayment terms, saving you money.

ARMs - Adjustable Rate Mortgages

If you are a first time home buyer one of the easiest ways to make your dream come true is with an adjustable rate mortgage. It is true that they do not offer the security over time of a fixed loan, however their rates are always better initially... and sometimes that is all you need! In the first 5 years of an adjustable rate loan it is possible to save tens of thousands of dollars over a comparable fixed rate loan. ARMs do offer many unique variations such as 3/1's, which mean the loan is fixed for the first 3 years then it adjusts every year after that. The fixed period can also be for 5 or 7 years with the 5/1 or 7/1. After the fixed period is up on this type of loan it is very common to refinance into a fixed rate loan.

Security Pacific Financial also offers one of the most competitive loans in the industry, the Freedom Loan. This loan allows you to make payments of only 1.95% for the first 5 years of the loan term. After this time period the loan switches to an adjustable rate loan. For more information go to the Freedom Loan page.

Here are some of the benefits to ARMs:

• Perfect for First Time Buyers!

• Lower Initial Interest Rates than Fixed Rate Loans

• Easier to Qualify for

• Terms can be Fixed for the First 1-7 Years

• Develop Equity Faster by Paying Extra

• Refinancing to Fixed Rate Loans is Easy

Save Me Loans!

Everyone has had credit difficulties at some point and needed some help. We believe that most people in this situation couldn't help the circumstances, so we have developed a wide variety of loans to help you get back on track. Bad credit is okay at Security Pacific Financial! We still have loan programs that even some of the toughest credit situations can qualify for. Contact one of loan specialists if you fall into any of troubled waters below:

• Currently in bankruptcy

• Just completed bankruptcy

• Trying to avoid foreclosure

• Low credit scores

• Denied everywhere else

• Many mortgage late payments

• Collections and Judgments against you

We want to help, call a specialist now! 1-(866) 854-9961

The Las Vegas area is broken down into different sub-communities. We specialize in Real Estate in Clark County, Nevada. We have agents who sell homes and offer other real estate related services in Green Valley, Henderson, Las Vegas, North Las Vegas, Paradise Valley, Spring Valley, Summerlin, Sunrise Manor and Winchester, Nevada.