LOAN TYPES
Want to reduce monthly payments? Pay off your home faster? Use your equity for remodeling or college tuition? Plantation Mortgage gives you a wide range of loan options on primary residences, second/vacation homes and investment properties. We offer:
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Loan amounts up to $2 million |
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Fixed or adjustable rate loans |
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Financing for single family residences to 1-4 unit properties |
Quick help for selecting the right loan:
Have our Loan Advisor suggest a loan for you
Read the information here about the special features of Plantation Mortgage's loan programs
Get general information on refinance loans in Loan Choices.
See our home loans for those with less than perfect credit offered by Plantation Mortgage
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Your Home Ownership Goal |
Your Loan Strategy |
| Plan to live in your home for many years. |
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| Low interest rate over a long period of time. Since you're going to be making payments for years to come, your best strategy may be a fixed rate loan. |
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| Plan to sell or refinance your home in just a few years. |
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| A fixed period ARM is a good choice for holding rates down for a set number of years. |
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| Want to pay off home loan by the time your children are in college. |
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| Shorter term loans such as a 15 year fixed rate home loan are a smart way to ensure you can use income for other goals later in life. Plus you build equity faster. |
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| Want to budget for a fixed payment each month. |
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| A fixed rate loan has a principal and interest payment that stays the same for the entire term of the loan. |
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| Comfortable with periodic changes to interest rate if it means you can get more home now. |
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| Adjustable rate mortgages are a great solution for people with incomes that are going to grow and will quickly refinance or be able to afford a larger payment in a few years should interest rates rise. |
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Fixed Rate Home Loans
these are programs that keep your payment from fluctuating and have the same interest rate for the entire life of your loan. And you can choose a variety of repayment terms, with 15, 20 and 30 years the most common.
| FIXED RATE LOANS |
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Loan Program |
Reason to Choose It |
Key Feature |
| Basic 30/25/20/15/10-Year Fixed Rate Loans |
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| You want the stability of a fixed principal/interest payment over the life of the loan. |
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| Loans on up to 95% of your home's current value. |
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| You plan to stay in your home for a long time and want a lower rate. |
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| Reduced rate in exchange for limits on refinancing and early principal reduction for the first 5 years. |
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| You don't have much equity or want to avoid upfront costs. |
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| Loans on up to 100% of your home's current value. |
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| You have just 3% or 5% equity in your home. |
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| No maximum income/earning restrictions and loan amounts up to $333,700. |
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| You have excellent credit and want to avoid paperwork.* |
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| Very little paperwork; loans up to 95% of your home's current value. |
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| ADJUSTABLE RATE MORTGAGES |
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Loan Program |
Reason to Choose It |
Key Feature |
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| You want to start with a low payment. |
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| As little as 5-10% equity in home; rate adjustments each 6 months or 1 year. |
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| Basic ARM with Reduced Rate Option |
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| You want to start with an extra low rate. |
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| Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. |
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| You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time. |
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| Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index. |
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| Fixed Period ARM with Reduced Rate Option |
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| You want to start with an extra low rate, plus have the security of a fixed rate for a set number of years. |
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| Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. |
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| Loans Designed for Avoiding Traditional Private Mortgage Insurance (PMI) |
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Loan Program |
Reason to Choose It |
Key Feature |
Tax Advantage Mortgage Insurance (TAMI)
(Ask your tax advisor.) |
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| You have between 5% to 10% equity in your home and want to avoid paying traditional mortgage insurance. |
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| You offset the cost of traditional mortgage insurance by a higher interest rate, plus provide an extra tax deduction. |
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| Home Equity Line of Credit (HELOC) |
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| You have 10% equity in your home and want to avoid paying mortgage insurance. |
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| Combines a 1st mortgage and a 2nd mortgage (equity loan or line of credit) so you can achieve 80% loan-to-value on the 1st to avoid mortgage insurance. |
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| Loans Designed for Avoiding Traditional Private Mortgage Insurance (PMI) |
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Loan Program |
Reason to Choose It |
Key Feature |
| Non-conforming (Jumbo) Loans |
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| You need to borrow more than $333,700 ** |
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Loans up to $2 million. Wide variety of program options:
- Reduced Documentation Loans
- No Ratio Test Loans
- No Income/No Asset Loans
- Expanded Exception Programs
- Expanded Cashout Refinances
- Second Homes
- Investment Properties
- Condominiums
- Foreign Nationals
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| Loans for People with Less Than Perfect Credit |
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Loan Program |
Reason to Choose It |
Key Feature |
| Plantation Mortgage Home Loans' |
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| You're having trouble meeting the criteria for most standard refinance loans. |
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| Plantation Mortgage specializes in helping people get the loans they need. |
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*Excellent Credit program requirements are tougher than standard program guidelines. Examples of disqualifying factors may include:
- Late payments
- Balances on accounts too high (e.g., credit cards are all at the limit)
- Credit history too short (<2yrs)
- Too many accounts with balances
If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.
**Restrictions apply. Program guidelines are subject to change. Some products not available in all states. |
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