Residential Loan Programs

The following is a partial list of programs offered by Horn & Co. Financial with a brief description of the key elements of each.

• Fixed Rate Loans
• Traditional ARM Loans
• Investment Loans
• Home Equity Loans
• No Mortgage Insurance
• 40 Year Terms

Fixed Rate Loans
Get a stable rate and consistent monthly payment.

A Fixed Rate Loan may be right for you if:
Your income is consistent and reliable You plan on staying in your new home longer than seven years You're looking to buy a home with the lowest down payment possible You're comfortable paying a slightly higher interest rate in exchange for the stability of a fixed monthly payments

Fixed Rate Loan details:
A Fixed Rate Loan maintains the same interest rate for the life of the loan. That means the principal and interest portion of your monthly mortgage payment will never change. In exchange for that stability, you may have a higher interest rate than you would with an adjustable-rate loan.

A Fixed Rate Loan may be right for you if:
A Fixed Rate Loan maintains the same interest rate for the life of the loan. That means the principal and interest portion of your monthly mortgage payment will never change. In exchange for that stability, you may have a higher interest rate than you would with an adjustable-rate loan.

On your terms:
Fixed Rate Loans are available with different length terms, typically 15, 20, 30, or 40 years. Usually, the longer the term, the lower your monthly payment will be.

Paying your loan off early:
In general, Fixed Rate Loans don't carry a prepayment penalty, which means you can pay them off early without having to pay a fee.

Traditional ARM Loans
A Traditional ARM Loan is just like it sounds: nothing fancy, just a lower initial interest rate and an annual adjustment after the initial "lock" period.

You'll enjoy a lower initial rate for a set period of time (usually one, three or five years) in exchange for the risk of increases or decreases later. Periodic and lifetime rate caps determine how much your rate can change.

Investment Loans
We're taking care of business with Investment Loans.

Investing in property can be a wise financial move. We have a variety of loans to help you finance your investment in the easiest way possible. You can even refinance your primary residence to get cash out for your investment.

Home Equity Loans
Move cash from your home to your pocket with our home equity lending choices. Whether you want to make home improvements, take a dream vacation or do anything in between, the first step is finding the loan or line that's right for you.

Horn & Co. Financial's Home Equity loan options are designed to fit your needs—with flexible product and payment options. Which works best for you—a Home Equity Loan with a fixed rate and stable payments? or, an Equity Line of Credit account that offers a variable rate line of credit with a Fixed Rate Loan Option?

No Mortgage Insurance
This feature is available with Traditional ARM Loans and Fixed Rate Loans.

Usually mortgage insurance is required any time you apply for a loan with less than 20% down. We offer a loan feature that eliminates mortgage insurance by covering it in your interest rate. Although your initial interest rate might be slightly higher, interest is usually tax-deductible (unlike mortgage insurance premiums).

Advantages:
Less than 20% down means more cash in your pocket. No monthly mortgage insurance premium; it's covered in your overall interest rate. A variety of fixed and adjustable rate loan options to choose from.

Consider this feature if you:
Are willing to take on a slightly higher interest rate possibly to save money on the initial downpayment, with the potential to lower that rate in the future.

40 Year Terms
This feature is available with Fixed Rate Loans.

With this option, loan payments are calculated on a 40-year term versus the more traditional 15 or 30. This reduces the monthly payment quite a bit.

Advantages:

Some advantages are Lower monthly payments. It Leaves you more cash each month for other uses.

Consider a 40-year term if:

You want to minimize your monthly payment, or you are trying to minimize cash expenses on an investment property.

Contact us for more information on Residential Loan Programs, or Apply For a Loan today.