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Servicing New Jersey & PA for All Your FHA Loan and Mortgage Needs
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  1. Contact Me

  2. Jeremiah Phillips Director of Sales/Senior Loan Officer
    NMLS# 58172
  3. Phone
    (856) 252-1826
    Fax
    (866) 704-5451
    Evenings
    (609) 760-9234
  4. E-Mail Me
  5. Village Capital & Investment
  6. 700 East Gate Drive 4th Floor
    Mount Laurel, NJ 08054

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Village Home Mortgage. NJ Mortgage Loans, FHA, Refinances

Loan Programs

Loan Programs Advantages Disadvantages

Fixed Rate Mortgages

15 year fixed
30 year fixed

  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages

5/1 ARM
1 year ARM

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up

Balloon Mortgages

7 year
5 year

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term.
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs

  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rates
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.

 

 

 


No point, No fee Programs

  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments

Imperfect Credit Programs

  • Potential for reestablishing credit if you pay your mortgage on time.
  • When used for debt consolidation, you may be able to reduce your monthly debt payment
  • Higher rates
  • Terms may not be as favorable
  • Harder to get long term fixed loans
  • Loans may have prepayment penalties

Home Equity Line of Credit

  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  • Rates can change. The maximum interest rate is normally high.
  • Payments can change
  • Harder to refinance your first mortgage

Home Equity Fixed Loan

 


Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • Purchase a house with as little as 3.5% down
  • FHA 203K Loans (For Purchase and Refinance Transactions) Borrow up to 110% of the value of your home.
  • Cash out mortgages
  • Debt consolidation programs
  • Home Improvement loans
  • Qualify even if you may have been turned down before!

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