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There is a wide range of home loan options available to you at Arrowhead Home Loans Inc. Some offer payments that are fixed for the life of the mortgage (fixed rate loans), while others feature smaller initial payments that could fluctuate with changes in the interest rate (adjustable rate loans). The right choice for you depends upon your individual financial lifestyle. The home loan experts at Arrowhead Home Loans Inc. have the experience to help you understand the best options for you based on your current situation. Call us today at (909) 336-1793 or Toll-Free at 1-866-676-4461 and schedule an appointment to learn about which choice might be right for you.

Apply Online for a mortgage. Complete our online form and submit it electronically... Once this is done, we can evaluate your qualifications and give you a loan approval on the spot. Never before has the loan process been so simplified!

• Fixed Rates
• Adjustable Rates
• First Time Buyer
• Second Home
• Rental Property
• Refinance Programs
• Home Equity Loans
• Construction / Land
• Stated Income
• No Ratio
• Bad Credit
• VA Loans

Fixed Rate Loans
With fixed rate loans, you’ll always know what to expect with a predictable, non-variable mortgage payment. Your monthly principal and interest payments never change because your interest rate stays the same for the duration of the loan. While fixed rate loans generally have higher interest rates than adjustable rate loans, they do offer predictability that many homebuyers, especially those on a fixed or modestly increasing income, find comforting. Fixed rate loans also offer the option to refinance if interest rates decrease and may be the right loan for you if you plan to be in your home for a while.

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Adjustable Rates
Adjustable Rate Mortgages (ARMs) are loans that generally provide an initial rate that is lower than the standard fixed rate loan. After an initial fixed rate period (1, 3 or 5 years), the interest rate can adjust annually based on the movement of a specific index plus a margin not to exceed 2 percent every year and 6 percent over the life of the loan. Your monthly payment changes as the rate changes annually. To the borrower’s advantage, the initial payment of an ARM is usually low, permitting the purchase of a home that otherwise may be unaffordable with a fixed rate mortgage, although there is a risk of higher payments later. An ARM may be right for you if you need the lowest possible initial payments or if you don’t plan to keep your home for more than a few years. Jumbo loans are available at adjustable rates.

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First Time Buyer
First time buyer programs are designed to provide the opportunity of homeownership to a wider range of people. Smaller down payments and easier qualifying requirements are the two of the major features shared by all of these programs. In most cases, the buyer does not have to be a first time buyer, however; all of these programs are for primary residence purchases only.

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Second Home
Second Homes is what we know... Lake Arrowhead is a resort market, and a high percentage of the deals we do are second homes. Our lending sources are accustomed to the unique situations that arise when financing in the mountain communities. An interesting note is that a second home is considered owner occupied, and in most cases, the rates are exactly the same for a second home as for a primary residence.

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Rental Property
The rental property programs are for individuals purchasing a property for investment purposes. Generally the intention is to use the property for income purposes and collect rent.

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Refinance Programs
Our refinance info section has current information available to you regarding different mortgage related topics. If the information you are looking for is not here, all you have to do is ask and we will respond promptly with the information you need.

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Home Equity Loans
We have a multitude of equity loan programs available, some of our most popular options are listed below.

125% Home Equity Loans
A great program for someone lacking equity in their home, and wanting to make home improvements, or consolidate debt. We can actually lend you 25% more than the value that your home will appraise for. In most cases, the interest you are paying is tax deductible.

100% Home Equity Loans
Our standard debt consolidation loan. We can loan you up to 100% of the appraised value of your home for debt consolidation, home improvements, or whatever. You can start saving hundreds of dollars each month through the use of a home equity loan. We have both fixed and variable rate options, and in most cases, the interest you pay is tax deductible.

Equity Lines of Credit
Open your own line of credit with the equity you have built up in your home. It works the same as a credit card, but the interest will probably be far less, and tax deductible. Your line is open for a maximum amount up to 100% of the value of your property, but only pay on the amount you use from the line.

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Construction / Land
Often, the construction of a new home can require a few sources of financing, with multiple closings and extra costs. With an Arrowhead Home Loans construction loan, there is an integrated closing process from beginning to end of construction that can save time and limit closing costs.

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Stated Income
A program specifically designed for self employed borrowers who want to avoid submitting complicated tax documents when applying for a mortgage loan. No written verification of income is required under this program. The income used is what is listed on the loan application, thus the name "stated income." Excellent credit and cash reserves are to requirements for this type of financing. First time buyers are not eligible for this program.

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No Ratio
A program specifically designed for self employed borrowers who are not able to document income with conventional documentation. No written verification of income is required under this program. No income is listed on the application, therefore, ratios are not calculated. Excellent credit and cash reserves are to requirements for this type of financing. First time buyers are not eligible for this program.

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Bad Credit
So, you've read the newspapers, seen the articles, and talked to your friends....REAL ESTATE IS GOOD AGAIN. Home prices are on the rise, and you think maybe it is about time to take the plunge. Prices are still relatively low and now is a good time to buy. If you already own a home, you also know that mortgage interest rates are very low, and now could be a good time to refinance. Who wouldn't want lower payments?

OK, this is a good idea. Only one small problem.....you have a few negative ratings on your credit report. You have even been down this road before, and the answers were all the same...NO.

Well, times have changed in the mortgage lending industry, and there may be a program for you, now.

Many lenders have adopted Sub-Prime Mortgage programs, and have the ability to fund loans for people with less than perfect credit. Let's start here...what exactly is Sub-Prime?

Sub Prime can have two definitions...first, all residential loans that are generally not eligible for sale to FNMA, FHLMC, or the Jumbo Conduits (loans over $227,150) are considered sub-prime. Additionally, sub-prime is the term for any loan transaction where the borrower has had delinquencies on a regular or extensive basis. The credit is broken into three primary categories...Mortgage Credit, Consumer Credit, and Public Records. The first one is obvious...your payment history on your existing, or previous mortgage. Obviously this relates to people who have owned a home before. The second category relates to credit cards, installment loans, student loans, and any other forms of debt. The third category relates to public records such as previous bankruptcies, judgments, foreclosures, etc.

Your lender will evaluate the nature of your current delinquencies, past lates, and Grade your credit. A borrower will typically fall into one of FIVE categories: A, A-, B, C, or D. The A borrower can have a 30 day late on the existing mortgage within the last 12 months. The D borrower could currently be in foreclosure. Yes, even this guy could get a new loan. How is this possible? First, it is primarily based upon the equity in the home. The rule of thumb for these sub-prime loans is the greater the equity in the property, the weaker the credit can be. Conversely, the less equity, the better the credit must be. As an example...an A borrower who has been 30 days late on a mortgage and also 30 days late on minor credit card debt could qualify for a loan of up to 90% of the value of the house. A D borrower, on the other hand, who is currently in foreclosure, could save his house if the equity is 40%.

Let's look at an additional example...we have a couple who had an interruption in employment last year, and fell behind on a few items. The car fell behind by three months, the mortgage fell behind by two months, and a couple of the credit cards were as much as 90 days late. In all likelihood, you would be rated a B credit, and would be eligible for a loan of up to 85% of the value of the property. This would be for either a purchase or a refinance transaction. Currently, interest rates for a B credit grade loan range from the 8% level on an adjustable mortgage, to approximately 10.5% on a fixed rate loan. Granted, these rates are not as low as those for a prime borrower, but they are reasonable for the above credit history.

Another thing to think about.....when did your credit problems occurred. For most Sub-Prime lenders, the main concern is for the last 12 months. If your problems are over one year, it is very likely that the negative credit will not be counted against you. Some lenders review credit history for two years, so it is important to check with the lender on your particular loan. In any event there is probably a loan out there for you.

A decade ago, when borrowers had credit problems, they often had to resort to borrowing money from private parties or hard money lenders; the secondary market only purchased prime loans. Today, sub-prime loans are sold into the secondary market, in the same manner as prime loans.

Needless to say, there are literally thousands of scenarios for credit problems and many legitimate reasons why people have had their problems. Today, past credit problems does not necessarily prevent people from buying a home or refinancing the one they are in. Money is plentiful, and there are many lenders with programs designed to help get people back on their feet, financially speaking.

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VA Loans
The more you know about our V.A. home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application. Additionally, if the lender is approved under VA's Lender Appraisal Processing Program (LAPP), the lender may review the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.

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For more information on loan programs, please contact Glenn today.

Buying or Selling Mountain or Lakefront Property?
Contact Glenn Tinturin today to manage your real estate needs.

Phone: 909-336-7974 info@ArrowheadRealEstate.com

P.O. Box 1773 Lake Arrowhead, CA 92352

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