Waterman Bank
See all of Waterman’s loan options and decide the best one for you.
A fixed rate mortgage is designed to lock in your interest rate for the entire duration of the loan's term. Although US mortgage rates will increase or decrease over the years, you'll still pay the same interest rate as you did on your first mortgage payment.
An Adjustable-Rate Mortgage (ARM) is loan program that is split into two parts. The rate is fixed in the beginning of the loan and variable for the rest of the loan. This can be a great option for homeowners because it can offer an introductory fixed rate that's lower than a typical fixed rate mortgage before the variable rate period kicks in.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. For this reason FHA loans lower minimum requirements relating to credit scores, down payments and debt to income limits, making it an attractive option of first time homebuyers.
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. They offer several advantages traditional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.
A jumbo loan is a mortgage that exceeds the conventional loan limit as determined by the Federal Housing Finance Agency, currently $806,500 in most counties. If you need to borrow more than this amount to purchase or refinance your home, you will need a Jumbo Loan.
If you can dream it you can finance it. A renovation loan allows you to purchase or refinance a home and pay for future renovations or repairs by wrapping the all those cost into one loan. This allows you to pay for your home improvements through your loan, rather than having to pay out of pocket for the work.
A Bridge Loan allows you to bridge a financial gap in a circumstance where you might otherwise not be able to qualify for a conventional loan. These loans are interest-only so your monthly payments are lower, and are structured to be refinanced into a conventional loan as soon as your situation allows.
Does your application not fit the box? Whether its 4+ units or unique income situations, we have an array of products to help you close your loan.
A fixed rate mortgage is designed to lock in your interest rate for the entire duration of the loan’s term. Common fixed rate terms are 30-year, 20-year, or 15 year. Although US mortgage rates will increase or decrease over the years, you’ll still pay the same interest rate as you did on your first mortgage payment.
If you can dream it you can finance it. A renovation loan allows you to purchase or refinance a home and pay for future renovations or repairs by wrapping the all those cost into one loan. What makes a renovation loan extra special is that the loan is based on the properties after repair value, that way the buyer can finance the home improvements rather than having to come out of pocket for those costs.
Interest only product with no prepayment penalty, can be used for a plethora of circumstances to “bridge” a gap in time for borrowers to be able to complete transactions in a timely manner. This product is structured to be refinanced into a normal rate and term mortgage as soon as the borrower’s situation is ready/capable of doing so in accordance with conventional lenders
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. For this reason FHA loans lower minimum requirements relating to credit scores, down payments and debt to income limits, making it an attractive option of first time homebuyers.
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. They offer several advantages traditional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $647,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Does your application not fit the box? Whether its 4+ units or unique income situations, we have an array of products to help you close your loan.
Questions or concerns? Contact us via phone, email, or send us a message.
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