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30year and 15year fixed
If paying off your mortgage is your goal, then a fixed rate mortgage gives you the ability to hold your loan through
payoff with a fixed rate and fixed repayment schedule. This loan is amortized over 30 or 15 years. If you know for
sure that you will be in the home for 10+ years and you can afford the payment, then this is the option for you.
Fractional Financing
Many homeowners are now turning to an alternative form of homeownership: fractional ownership. This is a fully deeded interest in a "fraction"
of a condo or single family home. These properties are typically found in resort areas throughout Colorado, Hawaii, California and other
resort destinations. It represents a quickly growing segment of the 2nd home market, and is expected to continue to grow.
We offer loan programs on fractional ownership, fixed upto 10years, optional interest only feature, stated
income and full doc qualification, as little as 10% down and a simple loan process. Our loan products are applicable to 1/12th condo
developments or 1/8th single family homes.
Fractional DEVELOPMENT Loans
If you are considering selling your home or condo development under a shared ownership structure, then call us today!
Sierra Mountain Mortgage is now offering a specialized loan program, developed specifically for fractional developers and current
homeowners to refinance their single family home or condo and sell individually deeded shares - without simultaneous closings!
Features:
- Partial Lien Releases as you sell individual shares
- Purchase or Refi up to 75% Loan to value
- Simple qualification for strong borrowers
- Loans fixed up to 10 years
ARM Loans - 3/1, 5/1, 7/1, 10/1 Amortized
This loan is a fixed rate and fixed interest product for X number of years. After the fixed year period, the loan becomes
yearly adjustable based on the index its tied to. A very popular loan option, this program gives the borrower the
security of a fixed mortgage and the lowered rate of an adjustable.
Interest Only ARM Loans
Interest only" products are an easy way to save money and a very popular alternative to traditional fixed rates.
An "Interest Only" loan can offer consumers greater purchasing power, increased
cash flow and a number of other benefits.
Click Here
for more on interest only loans
Reverse Mortgage
A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to
finance living expenses, home improvements, in home health care, or other needs. With a reverse mortgage, the payment stream is
"reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender,
as occurs with a regular home purchase mortgage.
Click Here for more on reverse mortgages
Option ARM
Whether you are a first-time home buyer or a savvy investor, the option Arm offers: monthly payment options to help
manage cash flow and flexible qualification guidelines. Every month you have the following loan payment options:
- Minimum payment
- Interest Only Payment
- Full Principal and Interest payment based on a 15 year term
- Full Principal and Interest payment based on the remaining term of your loan
This flexibility allows you to free up cash for home improvement or make larger payments for faster pay-off.
Home Equity Lines
Home equity lines are a great way for homeowners to access the equity in their homes. It works very much like a
revolving credit line where you are assigned a credit limit based on the equity in your home, when you use it, the
balance of the loan will increase. If you don't use it, you don't pay on it. These loans are typically Interest Only loans
which are monthly adjustable based on the wall street journals PRIME index. These are recommended for short
term needs and can be a great way to finance home repairs, pay for college tuition, or payoff high interest credit
cards.
One-Time Construction Loan (future value)
This program allows the borrower to acquire the land, pay for construction and streamline into permanent financing
all in one transaction. The borrower qualifies on the full loan at the end of construction. If there is 10% equity or more
(based on the appraised value of the home) at the end of the construction, the borrower may need No money to
finance the lot, complete construction and roll into permanent financing.
Spec Construction Loan
Specualtion construction is an investment project where a buyer intends to build a home for sale to the general
public at the end of construction. The borrower is speculating that the house will be worth more money than the cost
and a reasonable profit margin can be attained. We offer many varieties of spec loans that require 10-30% cash
investment of the total cost of the project. There are 3 qualifiers to this program: the project, the builder and the
borrower.
Lot Loans
Many lot purchasers do not have the funds to pay for lots with 100% cash. This loan allows the borrower to finance a
large portion of the lot. We offer lot loans with 20-30% as a down payment. Rates depend on the term of the loan
and come in the following varieties: 15 month, 2 years, or upto 20 years. Depending on the borrower's qualifications,
the loan programs can be interest only, balloons, or fully amortized to payoff the lot at the end of the term. We also
offer cash-out refinances on lots where the borrower plans to build within 2 years.
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