NewCastle's Mortgage Programs
NewCastle Mortgage offers Conventional, FHA, and VA mortgage loans and loans for borrowers with less than perfect credit We have programs to fit virtually any need. Below is a list of some of the many programs available, along with a brief description:
- 30/15 year fixed - standard fixed rate mortgage
- Temporary buydowns - fixed rate loan with a discounted interest rate for one, two or three years. This program allows for a variable rate with payment certainty.
- 7/23 and 5/25 balloon - fixed for 7 or 5 years (with a 30 year amortization). At the end of 7 or 5 years, loan must be refinanced.
- 3/1, 5/1, 7/1, 10/1 - these programs are designed with a fixed interest rate for a specified period (i.e. 3, 5, 7, or 10 years), then loan automatically modifies to a 1 year ARM
- 90% and 95% mortgages with no PMI - eliminates the private mortgage insurance normally required on loans with less than a 20% downpayment. These programs offer comparable monthly payments with significant tax advantages and equity acumulation
- Rate lock/purchase protection program - this program allows you to lock an interest rate before you shop for your home
- Extended rate locks - Protect against rising interest rates while you build, with the option of a floatdown if rates fall
- COFI ARM - low starting interest rate adjustable rate mortgage. The unique feature of this program is that borrower has options on how much they choose to pay every month
For a to find out which program best fits your need please contact a NewCastle Loan officer.
