Delray Beach Mortgage Broker-Pre Approvals, Refinance, & Purchase
Kloze was designed to be a premier source of mortgage financing, located in Del Ray Beach, Florida. From the outset, Kloze Home Loan’s blend of best in class service and competitive rates and products has won the confidence of the buyers of FHA, VA and Reverse Mortgage Loans, first-time homebuyers and seasoned investors. Kloze only provides mortgage services. That’s all we do. So we are consistently focused on providing the best mortgage solutions available.
Kloze is a direct lender, which means we control all aspects of the mortgage process from start to finish. Every loan is processed, underwritten and closed locally which enables a speedy and accurate delivery of our services to be delivered accurately and quickly, which takes much of the stress from the process.
At Kloze Mortgage Loans, we’re committed to you, offer the best possible service and go above and beyond your expectations.
FHA Loans & First Time Homebuyers
The Federal Housing Administration insures FHA loans. The FHA doesn’t loan money directly to borrowers. Instead, it provides mortgage insurance to lenders in case of default. FHA loans were created to help creditworthy low and moderate-income families who can’t qualify for conventional loans.
FHA loans are particularly helpful for customers without much available cash. The FHA rates are typically at market rate, but down payments are generally less than for conventional loans. This down payment can be as low as 3.5 percent and the closing costs can be financed in the mortgage amount. An upfront mortgage insurance premium and a monthly payment are required. FHA loans typically have more flexible underwriting guidelines so these loans generally make qualifying easier. Loans are assumable to qualified buyers.
VA Loan Mortgage Broker
VA loans are guaranteed by the U.S. Department of Veteran Affairs (VA) and are designed to allow veterans to be able to buy a home. So the lender is protected if the veteran fails to pay the loan. There’s usually no down payment and the interest rate is lower than market rates.
VA loans are very flexible and can be used to buy a home, build a new home or simply improve a home with energy-saving features such as solar, heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or many other energy efficient improvements approved by the lender and the VA.
VA loans allow for 100% financing, up to The VA limits. The veteran can borrow up to 1.5 million with a Jumbo VA loan, but extra down payment of 25% of difference between the sales price an VA funding limit is required.
Reverse Mortgage Loans
If you’re 62 or older – and need money for a home improvement, pay off your mortgage, supplement your Social Security, pay for medical expenses or for numerous other financial needs – you may want to take a look at reverse mortgage loans. These allow you to convert part of the equity in your home into monthly payments without selling or incurring additional expenses. A reverse mortgage loan enables you to withdraw part of the equity in your home and, unlike a home equity loan or second mortgage, not have to repay it as long as you live in the home. A portion of the equity that has been built over the years of payments can now become available to you in the form of monthly income. At the death of the homeowner, the estate has approximately 12 months to repay the balance or sell the home. If the home sells for less than the loan balance, the estate in not liable. You can also use a reverse mortgage loan to purchase a primary residence, if you have cash to pay the difference between the reverse mortgage loan proceeds and the sales price, including the closing costs.
Conventional Loan Broker
Banks can make a conventional loan, but their portfolio of products is much more limited than a mortgage broker’s offerings. The main difference between conventional loans and other types of mortgages is the fact that conventional loans are not backed by, or insured by, any government entity. The two important factors to look at in comparing conventional loans is 1.) Terms of the loan and 2.) Loan-to-value ratio. Loan-to value ratios can run from 80% to 95%. It can be lower if the buyer is comfortable with it. If it is higher than 80%, the borrower must pay for private mortgage insurance. Depending on the buyer’s qualifications, the term of the loan can be longer or shorter, which would affect the amount of the payments.
Adjustable Conventional Loans
An adjustable-rate conventional loan has payments that can fluctuate. Some start with a fixed rate, but change to adjustable rates at a certain point in time. Popular types include:
- 3 /1 ARM. Fixed for 3 years, and adjusts for the remaining 27 years.
- 5 /1 ARM. Fixed for 5 years, and adjusts for the remaining 25 years.
- 7 /1 ARM. Fixed for 7 years, and adjusts for the remaining 23 years.
For borrowers who project their income going up, an adjustable rate mortgage could be just what they need by keeping the payments lower in the early years.
Jumbo Loan Mortgages
If a loan exceeds the following high-balance loan limits, it is considered a Jumbo loan:
• The current conforming loan limit is $417,000 for every state except Hawaii and Alaska. In these states, the limit is $625,500
• Most high-priced markets have a limit ranging from $417,001 to $625,500, but in Hawaii, it’s $625,501 to $721,050.
Jumbo loans can be obtained for your main residence, second home, vacation home or investment properties and have a wide variety of terms available. You can get these loans as either fixed or adjustable-rate loans and they often carry higher interest rates.
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