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Loan Programs

Get competitive loan products and programs designed to fit your unique financial situation. Are you ready for homeownership?

  • Purchase

    Mountain Trust Mortgage’s purchase programs are tailored to fit your specific lending needs. Learn more about purchase terms, qualifications and expenses before you apply, contact me today.

  • Refinance

    Gain extra cash, lock in a fixed payment, lower your payment or increase your cash flow by paying off high interest debt! These are some of the benefits and options available to you by properly and responsibly refinancing your San Diego home loan!

  • First Time Homebuyer

    We offer a wide range of loan products to help you secure a home loan with a competitive interest rate for your individual needs.

  • Veterans

    The benefits from the VA loan program include options such as no down payment, a government guarantee, no mortgage insurance, no prepayment penalties, along with many other benefits to which only our Veterans have earned the right to.

  • FHA

    An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Want to see if you qualify? Contact me today!

  • USDA

    USDA, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

  • Reverse Mortgages

    Let us show you how to convert a portion of your largest asset – your home equity- to fund your retirement needs.

  • 203K

    A 203K Loan allows homebuyers and homeowners to quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser.

  • Fixed Rate Mortgage

    Unlike an adjustable rate mortgage, the monthly payments for a fixed rate mortgage stay stable through out the life of the loan, providing the stability many home buyers require during unstable economic times.

  • Adjustable Rate Mortgage (ARM)

    ARMs are popular because most allow borrowers to pay off their loan with low initial payments, allowing many to purchase a more expensive home.

  • Jumbo Loans

    Jumbo mortgages are home loans that are bigger than normal and are available for primary residences, second or vacation homes and investment properties, in a variety of terms.

  • Manufacturing Home Loans

    FHA modular and manufactured home loans are made by private lenders but are insured by the FHA in the case of default. These loans typically loans have lower credit score requirements than conventional loan products.

  • Construction Home Loans

    A construction loan program can help you build the home of your dreams. Construction loans are designed specifically to accommodate the longer time frame and special requirements of a construction project and building process.

  • Standard ARMS

    Several adjustable rate mortgages are available to homeowners including the 6-Month Certificate of Deposit ARM, 1-Year Treasury Spot ARM, 6-Month Treasury Average ARM and the 12-Month Treasury Average ARM.

Which home loan is right for you?

Should you Refinance?

Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home, or change mortgage companies. Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage. Contact us for a free Home Refinancing Review to learn about your best options.

When should I refinance?

It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you’re saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.

Should I refinance if I plan on moving soon?

Most lenders charge fees to refinance a loan. So, if you plan to only stay in the property for a couple of years, your monthly savings may not accumulate to recoup these costs. Example: A lender charged $1,000 to refinance your loan that resulted in saving you $50 each month; it would take 20-months to recoup your initial costs. Some lenders will charge a slightly higher than average interest rate on refinance loans, but will waive all costs associated with the loan. This will depend on the interest rate on your current loan.

How much will it cost me to refinance?

Starting with an application fee for $250 – $350, you may need to pay an origination fee typically 1% of your loan amount. In most cases you will pay the same costs you had with your current home loan for the title search, title insurance, lender fees, etc. The total sum could cost up to 2-3% of the loan amount. If you don’t have the funds to pay for associated loan costs, you can search for lenders that offer “no-cost” loans which will charge a slightly higher interest rate.

What are points?

A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.

Should I pay points to lower my interest rate?

Yes, if you plan to stay in the property for a least a few years. Paying discount points to lower the loan’s interest rate is a good way to lower your required monthly loan payment, and possibly increase the loan amount that you can afford to borrow. However, if you plan to stay in the property for only a year or two, your monthly savings may not be enough to recoup the cost of the discount points that you paid up-front.

What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to “lock-in” the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

Should I lock-in my loan rate?

It’s unsure how interest rates will move at any given time, but your lender may estimate where interest rates are headed. If interest rates are expected to be volatile in the near future, considering locking your interest rate may be good because it allows you to qualify for the loan. Or, if your budget could handle a higher loan payment, or lender’s lock fees, you may want to let interest rates “float” until the loan closing.

I've had credit problems in the past. Does this impact my chances of getting a home loan?

Even with poor credit getting a home loan is still possible. A lender will consider you to be a risky borrower and to compensate for this they will charge you a higher interest rate, and expect a higher down payment usually 20%-50%. The worse your credit history is, the more you can expect to pay.

I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?

Not necessarily, if you’ve been late with your payments less than 3-times in the past year, and the payments were no more than 30-days late, you still have a good change at getting a competitive interest rate. Most lenders will accept certain reasons for this like an illness, or job-change, but explanations are required.

How can I find the best deal?

When doing your comparison shopping for lenders consider that lenders can structure financing in many ways:

  • Charge higher fees, and offer a low interest rate.
  • Charge a higher interest rate with lower fees.
  • Ask each lender what their interest rate is for a zero discount point loan that’s based on a 30-day or 60-day lock period.
  • Ask each lender what they charge for an origination fee.
  • Ask each lender what they typically charge for a loan, i.e. fees for brokers, processing, underwriting, etc.
Should I choose the lender with the lowest interest rate and costs?

There are two important things to consider when choosing one lender over another one:

  • Quality of Service – Especially for first-time homebuyers who will have many questions about the total financing process and available loan options. Finding a lender with outstanding service skills that you trust will comfortably guide you every step of the way, so ask questions, even before you fill-out an application.
  • Cost of Services – It’s good to ask potential lenders upfront what they charge for their services and any fees involved. They should be able to give you facts and get you through the financing process so that you feel confident knowing that you made a good decision by choosing them.

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Document Checklist

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