Loan Products

Transcontinental Lending Group's Cleveland Office is pleased to offer our customers the widest array of mortgage products on the market!

Please consider the following products offerings:

First Time Home Buyer Programs We offer many special programs that can help make getting a first mortgage easier than ever. We will guide you through the mortgage process, give a free mortgage affordability estimate so you know how much you can afford, and then help you select the mortgage that's right for you.

Conforming Loan Amounts as well as Jumbo Mortgages up to $2 Million or More Whether you are seeking a conforming loan or a jumbo mortgage, you can feel confident that you will receive the highest level of service and be offered the right program to meet your needs.

Low-to-Moderate Income Lending Programs We make home ownership a reality by offering a number of affordable financing options with flexible qualifying criteria. We offer FHA Loans and we specialize in programs that provide lower down payment options for eligible applicants, opportunities for closing cost assistance and no cash reserves for most programs on single family residences. In addition, we have access to downpayment gift programs. For down payments less than 20% Mortgage Insurance (MI) is required and MI charges apply.

Fixed Rate Mortgages These mortgages provide you with the security of stable interest rates and monthly payments that never change. You might choose a fixed rate mortgage if you want the security of knowing that even if interest rates rise, your payments will remain the same.

Adjustable Rate Mortgages We offer ARMs for both short and long term mortgages. ARMs offer lower initial interest rates than fixed mortgages for a specified time, and then the rates are adjusted periodically to follow the market. These loans may be ideal if you plan to stay in your home for a short time or want the lowest possible initial payment. Adjustable-rate mortgages (ARMs) offer lower initial interest rates than fixed-rate mortgages. But after an initial period, those rates are adjusted periodically to follow the market. Monthly payments on an ARM can go up or down at each adjustment period, as market conditions change. To protect you in times of extreme rate fluctuation, there are ceilings, or "rate caps", on the amount the interest rate can rise or fall at each adjustment period.

Interest Only Loans Interest only mortgages do not include any repayment of the principal portion of the loan for an agreed upon period of time - called the interest only period. This means that during that time, your monthly payment will consist only of interest. Interest only mortgages can offer you lower monthly payments, increased cash flow, maximum tax deductions and the ability to qualify for larger mortgages. You might consider an interest only mortgage if you want a lower initial payment and have confidence that you can manage a payment increase in the future. Interest only mortgages do not include any repayment of the principal portion of the loan for an agreed upon period of time - called the interest only period. This means that during that time, your monthly payment will consist only of interest. No portion of the payment will go toward the principal balance. At the end of the specified interest only period, your monthly payments will increase to reflect the full amortized amount owed to the lender for the remaining years of the loan. You might consider an interest only mortgage if you:

• Want to afford more home now.
• Know you will need to sell your home within a relatively short time period
  (maybe two to five years).
• Want a lower initial payment and have confidence that you can deal with a payment increase in the future.

Hard Money Loans Through our alliance with Classic Funding, we are pleased to offer investor and "hard money" loans. http://www.icanfundyourdeal.com is DIRECT LENDER, serving the Northeast Ohio area. Classic Funding specializes in funding the purchase and /or rehabilitation of residential property - houses and small multi unit apartment buildings. As a direct lender, Classic Funding can often close deals other lenders simply can't, often in less than a week!

Refinancing and Home Equity Lines of Credit

Transcontinental Lending offers great refinancing loan options. Lower your interest rates and monthly payments, change loan terms, take cash out, consolidate debt, convert to a fixed rate and eliminate private mortgage insurance. Refinancing loans are available for primary homes, second homes and investment properties. Apply online [hot link] now or request a home loan advisor to contact you in one business day.

Features of Refinancing:

• Fast loan approvals
• Quick and easy online applications
• Dedicated loan advisor to develop a personalized home loan solution to meet your refinancing and debt consolidation needs
• Fixed and adjustable rate home loans available
• Competitive interest rates

Benefits of Refinancing:

• Lower your interest rate and monthly payments
• Take cash out
• Consolidate debt
• Convert to a fixed rate
• Eliminate private mortgage insurance (PMI)

HOME EQUITY LOANS AND EQUITY CREDIT LINES

Your home equity is the difference between what you owe on your mortgage (and on any other home loans) and the market value of your home.   You build equity as that difference grows - when you repay mortgage principal to decrease the amount you owe, or when your home's value increases.  

You can borrow against that equity when you need cash, using either a home equity loan or a line of credit.   Both offer a number of advantages over other types of financing, including:

Interest savings.   Home equity loans and lines typically have much lower interest rates than other types of financing, such as credit cards and personal loans.

Tax benefits. Just like your first mortgage, the interest you pay on a home equity loan or line is usually tax-deductible. Consult your tax advisor about the deductibility of interest.  

Comparing Home Equity Loans and Credit Lines