The Medrano Team offers our clients a wide variety of financing options. Whether you are buying your first home, building a custom home, or looking to add to your real estate portfolio, we are here to help!
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
- Just as it says…you close one time. One set of closing costs and your rate is locked at the time of closing.
- Affords borrowers confidence in knowing that their permanent loan is secured.
- Loan payment is interest only based upon drawn funds during construction and then modifies to permanent and fully amortizing loan once home is complete.
- Recast options are available.
- Two step process. 1st loan is the interim loan aka construction loan. 2nd loan is the “permanent financing” loan.
- Perfect for borrower who wants to use a specialty program for the permanent loan (such as VA or certain jumbo loans).
- Perfect for borrower who has home to sell, but doesn’t want to move twice. Can qualify with higher debt-to-income ratios.
- Allows for you to refinance later and take advantage of the updated value of your newly built home at that time.