Boca Raton Mortgage Broker – Pre Approvals, Refinances, & Purchases
With over 100 5 star reviews on Zillow, Kloze is your boutique residential direct lender focused on providing conventional, FHA, VA and Reverse Mortgage Loans to first time home buyers and the most seasoned of investors.
Our business is our obsession and we know what we are doing. You will get:
- Conventional, FHA, VA, Reverse Mortgage Loans
- Fixed or Adjustable
- Financing that fits your needs
- No gimmicks
We are experienced in our field and that is something you should take advantage of. Know that Direct Lending saves you time and money. We also avoid the “turnaround time” underwriting and processing delays of big bank dependence. We know how to capture market events that benefit you and our automated technology platform keeps our clients updated from application to closing.
Our staff, consisting of mortgage professionals, is dedicated to their job as well as committed to finding the right loan for each borrower. We are not satisfied until you are.
FHA Loans & First Time Home Buyers
FHA is an agency in the federal government within the U.S. Department of Housing and Urban Development.
FHA loans are designed to help low- to moderate-income families qualify for mortgages. By providing mortgage insurance to private lenders, this agency assists first-time buyers and others who would not normally qualify for a conventional loan. Down payments for FHA loans are usually less than conventional loans, but the interest rates are usually the going market rate. Required down payments for a FHA loan can be as little as 3.5% and closing costs can be included in the mortgage amount. To encourage lenders to offer loans to home owners and buyers at more affordable rates, the FHA insures home loans against the borrower’s default.
If you are looking to refinance your FHA loan, FHA has a special program through a streamline process that makes refinancing easier.
There is still closing costs involved with FHA streamline. The process however requires less documentation and other requirements than a normal refinancing process.
If you do choose to refinance through the streamline process, it isn’t free. However, your lender may allow you to finance the closing costs through a higher interest rate on your new loan. This means not a lot cash out of your pocket but a higher interest rate. If you refinance on a lower interest rate, you will still be saving money on your monthly mortgage payment.
- The mortgage you are trying to refinance must be a FHA-insured loan
- You must be current with your mortgage payments (not delinquent)
- The primary reason why you want to refinance your FHA loan must be to lower your monthly principal and interest payment
- You can’t tap your equity if you use the streamline process.
VA Loan Mortgage Broker
VA loans are guaranteed by the U.S. Department of Veteran Affairs. Service persons and veterans are up for qualification for a VA loan which usually offers a competitive fixed interest rate, no down payment and limited closing costs. The VA does not issue loans but certificates of eligibility that’s required to apply.
Reverse Mortgage Loans
Using a home’s equity as collateral, a reverse mortgage loan is low-interest for senior home owners. The amount of your loan will be determined by the percentage of the home’s value which is determined by the age of the youngest homeowner. Until the last surviving homeowner permanently moves out or passes away, the loan does not have to be repaid. At that time, the estate has 12 months to pay the reverse mortgage loan or sell the home to pay the balance. Any remaining equity is inherited by the estate. The estate cannot be held liable if the home sells for less than the amount of the reverse mortgage loan.
Conventional Mortgage Broker
Conventional home loan rates involve a fixed rate which means it will not change throughout the life of the loan. It is important to know that the rate can change at any minute so you want to try to get in at a good time as soon as possible. If you lock yourself into a rate and find that you are looking to switch to a new, lower rate, there is always the choice of refinancing.
Jumbo Loan Mortgages
This type of home loan exceeds conforming home loan limits imposed by Fannie Mae and Freddy Mac. These two government-sponsored enterprises buy mortgages from lenders. In most parts of the United States, the limit is $417,000 while it is $625,500 in the highest-cost areas and in-between areas. Because the cost of a jumbo loan is higher than a standard loan, you should expect to pay a higher interest rate for a jumbo loan.
Having such high ratings on Zillow, you can be assured that choosing Kloze is a smart choice. Over 100 of our clients have given us a 5 star rating and now it is your turn. We have the key to your heart. It does not matter if you are a first time home buyer or if you are just looking to refinance. We will find the right loan to fit your needs. Our experts have experience to get you going in the right direction and won’t be satisfied until you our satisfied. You’re our priority and we won’t let you down.