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Conventional or Traditional Financing:

Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies, Fannie Mae and Freddie Mac, which offer standardized underwriting guidelines. These loans can be either fixed or adjustable interest rate and have a variety of repayment terms available that can be tailored to your individual needs.

 

Reverse Mortgages:

With a reverse mortgage, the payment stream is "reversed." That is, payments are made by the lender to the borrower, rather than monthly principal and interest mortgage repayments by the borrower to the lender, as occurs with a regular home purchase mortgage. A reverse mortgage can be used as a sophisticated financial planning tool that enables seniors to stay in their home -- or "age in place" -- and maintain or improve their standard of living without taking on a monthly principal and interest mortgage payment. Inbanet is a wholesale lender in Home Equity Conversion Mortgage (HECM) arena and offers HECM program can be used to refinance and for purchase transactions. Homeowner must continue to ay all property related fees, taxes and insurance, maintain the home in good condition and remain in the home as their primary residence.

Repayment: A reverse mortgage is a non-recourse loan, which means that neither the borrower nor the heirs will ever own more than the fair market value of the home at the time of repayment. If the amount of the loan exceeds the fair market value and the heirs wish to keep the home, the full loan balance must be paid in full. If the heirs choose to sell the home, the repayment will be limited to the lesser of the loan balance or appraised value.

"A test of a people is how it behaves toward the old...The affection and care for the old, the incurable, the helpless are the true gold mines of a culture." -Abraham J. Heschel


FHA:

FHA loans are ideal for first time homebuyers. They are insured by the Federal Housing Administration, Inbanet is a wholesale lender, means we can do ZERO point loans for the borrowers. Down payments, when and where required, can be in the form of gifts, grants, or subordinate financing. These loans can be either fixed or adjustable interest rate, with 30-year repayment terms. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD). 

Jumbo or Non-Conforming: 

If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted with Conventional loans, Inbanet offers a variety of mortgage options which will meet your needs. Referred to as Jumbo or Non-Conforming, loan amounts may be up to $1.0 million or more. They can be either a fixed or adjustable rate mortgage. Program parameters vary depending on the down payment and actual loan amount and terms can be customized to suit your specific needs, making these the most popular program for homebuyers acquiring their second, third or subsequent home loan. 

 



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $400,000 with closing costs of $8,000. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $8,000. Your actual APR may be different depending upon these factors.