LOAN TYPES
LOAN AND MORTGAGE PRODUCTS
Mohsin Mortgage Corp.
offers a variety of loan types, from classic fixed-rate mortgages to VA loans.
Fixed-Rate Mortgage
Fixed Rate Mortgages are the most classic form of loan for home and product purchasing in the United States. We offer both 15 year and 30 year programs.
Our 30 year Fixed Rate Mortgage offers the lowest monthly payments of fixed rate loans, while providing for a never-changing monthly payment schedule. While our 15 year Fixed Rate Mortgage allows homeowners to own their homes free and clear in half the time and for less than half the total interest costs of the traditional 30-year loan.
We offer Fixed-Rate Mortgages in the Following Terms
Adjustable Rate Mortgage
Adjustable Rate Mortgages (ARMs) have become one of the most popular and effective tools for helping some prospective home buyers achieve their dream of home ownership. Developed during a time of high interest rates that kept many people out of the housing market, the ARM offers lower initial rates by sharing the future risk of higher rates between borrower and lender.
ARMs can be an excellent choice of financing under certain conditions, such as rising income expectations, high interest rates, and short-term home ownership. But because payments and interest rates can increase, either steadily or irregularly, home buyers considering this type of mortgage need to have the income to keep up with all possible rate and/or payment changes.
Federal Housing Administration (FHA)
Buy a home with a very low down payment and flexible qualifying guidelines. Gift funds are allowed for the entire down payment, closing costs, and pre-paid items. FHA and Choice Finance® will get you into your home when many other programs are unable to.
Many sub-prime borrowers will also qualify for an FHA loan... ask us if that's you... and refinance out of your subprime loan and into a low rate FHA loan. FHA qualifying is very flexible and is not based as heavily on credit scores.
Veteran Affairs (VA)
Take advantage of your VA eligibility and purchase a home with $0 down or lower your current VA rate through the easy qualifying streamline refinance. The VA will not only allow the seller to pay all of your closing costs, you can also get the seller to pay 4% in addition to paying your closing costs. This 4% can go towards your escrow accounts, prepaid interest, buying down your rate, AND it can actually pay off your debts! If you also have a disabled status, your VA Funding Fee will be waived. Typically this VA Funding Fee is over 2% of your loan amount and is financed into your loan. There is no monthly mortgage insurance to pay.
Self-Employed
Every year, more individuals become self-employed. The increase in numbers has created a special category of mortgage loans for self-employed borrowers. Loans for the self-employed have existed for many years, but the recent revision of programs makes the process easier for the self-employed borrower.
Aviation
We provide a variety of uniquely designed financing solutions tailored to large and mid-sized corporations, public and private, as well as high-net-worth individuals. Working with Mohsin Mortgage Corporation, you will have access to full-service financing solutions delivered by leading specialists in the field. This includes dedicated aircraft sales professionals, specialized investment underwriters, aircraft documentation experts, experienced aviation attorneys, financial analysts, syndication advisors, aviation insurance specialists, aircraft maintenance consultants and ASA certified senior aircraft appraisers.
Reverse Mortgage
With many baby boomers entering retirement with underfunded retirement savings, tapping home equity may be a good solution to provide much needed funds for daily expenses without a mortgage payment with the deed of the property remaining in your name. To qualify you would need to be 62 years of age with 50% free and clear equity or zero balance on your home and your spouse could be under 62 years of age. The loan proceeds may be disbursed as a lump sum or over a period of time and at anytime.