Fairfield Financial Mortgage

By: EconomyWatch   Date: 27 October 2010

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Fairfield Financial mortgage is a financial mortgage banker which offers a wide range of mortgage loan products. They believe in providing the best customer services and call themselves as the ultimate wholesaler of services in the mortgage industry.

Services offered by Fairfield Financial Mortgage are :-

  • Quick pre approvals
  • Guidance and advice by the professional staffs of Fairfield Financial Mortgage from application submission to closing
  • E-mail facility for knowing the total amount of loan one is eligible for on a particular mortgage
  • E-mail facility for estimating the refinance particulars of an existing mortgage
  • Mortgage calculator for calculating monthly payment amount

Some of the products offered by Fairfield Financial Mortgage include :-

Availability of each and every types of documentation viz. full documentation , stated income/asset, 6 or 12 months bank statement program, no ratio, and no documentation and many more.

  • Loans are available up to a maximum limit of $6 million.
  • Programs for cash out are unlimited
  • All types of loan programs to cater for every types of borrowers (from excellent to impaired)
  • Financing facility are available for the one-to-four family property owners and non-owners which have low and no down payment facilities

Now, let us review some of the product details of Fairfield Financial Mortgage :-

FHA Financing :-

FHA or Federal Housing Administration is a US government program which ensures the lenders against any default by the mortgagor. This also enables the borrower to access loans with a down payment of only 3% of the total amount.

FHA financing facility provided by Fairfield Financing Mortgage is best suited for those who have :-

  • a history of high credit
  • a burden of high load of debt
  • a very limited amount of money for making down payment

Benefits associated with FHA loan are : -

Down payment amount is very low

Allows the lender to offer additional qualifying ratios to the borrowers than that of other types of loans

VA Financing :-

VA financing is a US government sponsored program especially for the veterans of United States of America. But this loan is not offered by VA directly, but by a lender like Fairfield Financial Mortgage. VA gives protection to the lender by guaranteeing against any default of payment by the borrower.

Benefits associated with VA financing are :-

  • Availability of 100 % financing
  • Monthly mortgage insurance is not required
  • Very low or no down payment

Interest Only Loans :-

Interest only loans are suitable for those who need a mortgage with lowest possible payment. It comes with both pros and cons.

  • Benefits associated with Interest-only-loans are :-
  • Amount of payment is markedly low
  • The entire amount one pays is tax-deductible
  • Minimum payment reduces with every reduction of principal amount
  • One is able to qualify for more because the payment is significantly lower

Downsides associated with Interest-only-loans involve :-

Making payment of only the minimum amount is not decreasing the principal amount of the loan

Payment of a person increases markedly once the interest-only portion of the loan finishes

In case of a adjustable rate mortgage, the rate of interest most often rises in the future

In case, the value of the mortgaged house depreciates then the balance of loan becomes greater than the value of the house

Reverse Mortgage :-

Reverse Mortgage is applicable for :-

  • Senior citizen having a minimum age of 62 years of USA
  • Person wanting to extract equity out of one's own home
  • Person wanting to eliminate his monthly payment on mortgage.

Benefits associated with Interest-only-loans are :-

A person can use this loan-type for availing tax-free benefits by liquidating a large chunk of his home equity

Monthly repayment of loan is absent

Rates of Fairfield Financial Mortgage

1.FHA/VA products :-

  • 30 year FHA/VA :- from 5.75 % to 7.00 %
  • 15 year FHA/VA :- from 5.375 % to 6.875 %
  • 1 year FHA ARM :- from 4.75 % to 5.5%
  • FHA/VA 3/1 :- from 5.5% to 6.0 %

2. Conforming Agency ARMs --- LIBOR Indexed

  • 10 year conform ARM :- from 5.750 % to 6.375 %
  • 7 year conform ARM :- from 6.875 % to 7.500 %
  • 5 year conform ARM :- from 6.000 % to 7.000%
  • 3 year conform ARM :- from 6.125 % to 6.875 %
  • 1 year conform ARM :- from 5.750 % to 7.000 %

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