MORTGAGE LOAN TYPES
Please note that we can provide you with any
mortgage product you want. The loan types
listed on this page are the more popular ones
we offer. Please
contact us if you would like to discuss
loan alternatives to those listed below.
Get approved for a mortgage in 2007!
Purchase Power Loan -
This type of home mortgage loan allows you to obtain an approval for your
home loan before you even start looking to buy a house.
The Purchase Power Loan is more powerful than pre-approvals:
a) You are approved for a home loan for 6 months while you shop for a
b) Gives you the negotiation power of a cash buyer.
c) Validates how much you can borrow.
d) Proof to the seller that your offer is good.
e) You won't waste your time looking at homes you can not afford.
f) Make a legitimate offer with assurance.
Interest Only Home Loans -
Here is how these types of loans work.....If you have a ten year
interest only loan, you are only obligated to pay the interest of the
loan for the first ten years. After ten years, you must start paying
interest plus principal.
Interest only home loans give you the flexibility to spend your money
as you want, leaving you with more disposable income to use any way
you want. So, if you don't want to tie up all
of your money in loan payments for the intent of using the extra
cash to pay bills or make home improvements, interest only loans are
ideal. Fixed rate and adjustable rate interest only loans are
available. We also offer interest only loans based on prime. Learn
interest only loans.
Adjustable Rate Mortgages -
These types of loans offer attractive introductory periods. Meaning,
interest rates will remain low for a set amount of time, usually 3, 4
or 5 years. After, interest rates will adjust accordingly and will
continue to change every month based on lifetime and periodic caps.
adjustable rate loan types are
15, 30 and 40 Year Fixed Interest
Mortgage Loans -
Your interest rate is fixed for the entire life of the
loan, regardless of rate instabilities.
fixed rate home loans we provide are affordable and designed to fit
your budget. Learn more about the
fixed rate mortgages Star Loan Services offers.
You can also choose to
fixed rate loans at any time with no pre-payment penalties. If you
have an adjustable rate mortgage you can
refinance to get a fixed rate.
Conforming Loans: Fannie Mae & Freddie Mac Loans -
Fannie Mae & Freddie Mac are private, shareholder-owned
companies that work to make sure mortgage money is available for
people in communities all across America. They do not lend money
directly. Instead, they work with lenders to make sure they don't run
out of mortgage funds, so more people can achieve the dream of
homeownership. Fannie Mae and Freddie Mac loans provide jumbo loans,
otherwise known as conforming loans
for homeowners. We work very closely with the institutes of Fannie
Mae and Freddie Mac. You can learn more about the
Fannie Mae/Freddie Mac conforming loans.
Jumbo Home Loans -
Jumbo mortgages are home purchase loans that exceed the current
conforming limit of $417,000. Star Loan Services has jumbo loan
programs for people of all credit types. Learn more about
Non-Conforming Loans -
These types of mortgages are designed for people with bad credit
or for those that have difficulties proving income and/or assets.
Guidelines for these types of loans are not as strict as the other
home loan products. Learn more about
Bridge Loans -
Existing homeowners can utilize a
bridge loan to pay closing costs for their new home loan prior to
the sale of their current home.
Condo Loans -
Buying a condo offers many of the same benefits of owning a home!
Learn more about
Motor Home Loans Loans -
We can help you obtain the RV of your dreams! Programs for all good
and bad credit types! Borrow as much as $250,000! Loan terms for as
long as 25 years! We also offer
unsecured loans for RVs.
125% Home Equity Mortgage Loans -
Borrow as much as 125% of your home's value to consolidate debt, pay
for school, make
home improvements or for whatever your needs are. Get
more information about
125% LTV home loans.
Some popular reasons for refinancing are to get cash-out of the
home, pay for high ticket purchases, make home improvement or to
refinance adjustable rate mortgages. Learn more about the
refinancing products we offer.