It is important that you understand the features of your home loan and that it meets your financial needs. We can assist you in that determination.
As a strong direct lender with the flexibility to also act as a broker, we provide choice, convenience, and control throughout the loan process.
We offer a full suite of lending products because we recognize the importance of having the right loan for every situation.
Below is a sampling of just some of the programs available through Oceans Lending.
We offer our borrowers the choice of 30- and 15-year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. A fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change. The 15-year fixed mortgage is fully amortized over a 15-year period and features consistent monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate — and you’ll own your home twice as fast and pay less interest than with a 30-year mortgage. But with a 15-year loan, you commit to a higher monthly payment.
An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market. Adjustable-rate mortgages may be a good choice if you plan to be in your current home less than 5, 7, or 10 years, depending on the program you choose.
Our 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. Our ARMs are popular because they help you qualify for a larger home and your loan may be assumable after the fixed-rate period of the loan. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five-to-six percentage points above the initial interest rate.
As an experienced jumbo and super jumbo mortgage lender, we offer a variety of programs with competitive rates and beneficial features. Fixed and adjustable-rate options are available. We also provide jumbo and super jumbo loans for investment properties and second homes, as well as cash-out refinancing.
We offer residential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.
The FHA Renovation Loan Program provides you with the money to refinance or purchase a home and renovate it, all with one convenient loan. This program is also ideal for purchasing foreclosures and improving their value with needed repairs and upgrades.
The VA loan program can make it much easier for Veterans to secure a home loan by requiring little or no down payment*. This home loan is available to Veterans and guaranteed by the U.S. Department of Veterans Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no Private Mortgage Insurance (PMI)** requirement. Borrowers may finance up to $2 million for a home purchase***
*Up to 100% financing available up to county loan limits on primary residences.
**Most VA loan will require a funding fee.
***Cash reserves required on loan amounts greater than $1 million. Other restrictions may apply
Government Sponsored Entities, Fannie Mae and Freddie Mac, new conforming-jumbo loan limits make it easier and more affordable for more buyers to “move up” and purchase higher-value homes, or save substantially by refinancing their jumbo loan. Lower FICO score and down payment requirements, lower-than-jumbo rates, and loans amounts of up to $625,500 in some areas create a powerful alternative to a traditional jumbo loan.
Many municipalities have established bond programs to help first-time home buyers with down payment assistance, obtaining a lower rate, and qualifying more easily for a home loan.
The Lending Process
Once you’ve found the home you want and negotiated a price that you and the seller agree on, it’s time to get your loan. When you submit a loan application, you can expect to complete lots of paperwork and provide information about your employment history, financial assets and liabilities, and credit. You may also be required to pay an application fee.
The next step is to lock-in the current interest rates and points for your loan of choice for anywhere from 30 days to six months. You may also elect to allow the interest rate to float, so that you can lock it in at a later time. If you decide to let the rate float you may end-up with a rate that is higher or lower than the rate on your date of application.
After you have reviewed disclosures and paid any required processing fees, your lender will order a property appraisal to determine the fair market value of the home. You and/or your real estate agent should be present for the appraisal inspection. You may be required to pay for the appraisal. When refinancing with certain loan programs, an appraisal may not be necessary.
You will then sign and return to the lender all required disclosures and any additional documentation needed to satisfy the conditions of the loan. When the lender receives the appraisal, a credit report, signed disclosures, and additional obligatory documentation, your Loan Officer will prepare and submit your loan for final approval.
A licensed title agent should then perform the settlement and escrow process. Your Loan Officer can help coordinate this. If purchasing a home, you will be required to bring a cashier’s check for the down payment and any other fees to the settlement. In a refinance, fees are typically covered by the loan proceeds. While at the settlement, you will read and sign numerous documents regarding your transaction.
As part of the settlement phase, your lender will wire the loan funds to an escrow account or send a cashier’s check to the closing agent, which may be a title company, an attorney, or an escrow agent, depending upon the state the transaction occurs in. The property’s owner or their lender is paid in full and all fees for all parties are paid. The property’s ownership will then transfer from the seller or the seller’s lender to your lender.
Refinance Your Home
Let us help you find a home loan with lower rates and more favorable terms. As expert mortgage advisors, we can assist with refinancing or consolidating your 1st and 2nd mortgages into one low rate loan. You may also be able to lower your monthly payments*,and get cash out.
In addition to lowering your monthly payments, refinancing your mortgage(s) can help you maximize your tax deductions** and free up cash to pay off high interest rate credit cards and auto loans. Or if you prefer, use your cash equity for remodeling, investing, a vacation, or college tuition.
As a direct lender with hundreds of loan programs, we will find you the best refinance rates.
- Cash-out mortgage refinances
- 2nd Mortgage refinance/consolidation
- Low rate mortgage refinances
- Refinances out of interest-only loans
*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
**Please consult your tax advisor for further information regarding the deductibility of interest and charges.