Home Purchase

Not all loan programs are alike. Some make it easier to qualify. Some are better for the short-term; others over the long haul. Some give you flexibility in payments, money management, and paperwork. Others offer cast-in-stone stability. Still others reward you for sharing a little bit of the interest-rate risk.

No matter what you choose, we'll make it easy to understand, easy to activate, and easy to get you into the home of your choice.

Fixed-Rate. Want stability? A fixed-rate loan gets you evenly divided monthly payments spread over 15 or 30 years. You'll know exactly what your payments will be next month, or 117 months from now. Other loan types might offer somewhat better rates, but this is the one you'll never have to think of again. Down payments, depending on the loan, can be as low as five, three, or even zero percent!

Adjustable-Rate. Want flexibility? Want a real shot at saving money? Payments tend to be lower with an adjustable-rate mortgage (ARM), because you share some of the lender's risk should interest rates rise significantly in the future. (But don't worry too much. Annual and lifetime caps keep rates in check.) Generally, ARMs are easier to qualify for, allow you to buy a little bit more of a home, and offer significant savings up front - which you could use to buy needed household items, or to "grow" into future payments after promotions or pay raises at work.

"Hybrid ARMs." Want the qualifying ease and lower payments of an adjustable? At the same time, do you want the stability of a fixed-rate? A North American Mortgage Company "hybrid ARM" offers the best of both worlds! You can have your payments fixed for three, five, seven, even up to 10 years. Your choice. After the fixed period, the loan becomes adjustable. But during that multi-year, "fixed" period, you'll enjoy a below-market rate. If you're like most people, you'll get a new mortgage every five to seven years (either because you refinance or move). A "hybrid ARM" is a smart way to have lower payments during the likely life of your loan.

Jumbo. Want a bigger home, or do you live in a high-cost area? Jumbo refers to loans that are above the "conforming" loan limits established each year by Congress. Currently, it's $300,700 (even more in Hawaii and Alaska). Conforming loans offer the best rate. Jumbo loans, because of a greater hit to the investor in the rare event of borrower default, are generally priced between one-fourth, and one-half point higher than conforming loans. Jumbos come in fixed and adjustable varietals.

Government. Not all lenders can offer government loans. Special standards for direct lending are required by the Feds. North American Mortgage Company exceeds these standards.

FHA loans are used by the government to help increase home ownership. Characterized by exceedingly low down payments, and more forgiving of credit history, an FHA loan is an affordable way to buy affordable housing. Loan limits vary from state to state, and metro area to metro area.

VA loans are available to individuals who served in the armed forces. Easier qualifying, low to no down payments, and very attractive rates are the nation's way of saying "thanks" to those who served our country.

Western Pacific Loans, Inc - Rob Penrose
1229 College Ave. Santa Rosa, Ca., 95404

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