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Fixed Rate

• 15- and 30- year terms
• FHA, VA and Conventional and Balloons
• Interest rate does not change
• Principal and interest (P&I) does not change
• Fixed rate mortgages fully amortize over a defined period of time and are paid in full at the end of the loan term
• The shorter the term, the faster equity is built and the loan is paid off

VA Loans

Almost any lender can do a VA loan for qualified Veterans, so why use a specialist? If you've dealt with military personnel or government agencies, you know the value of someone who knows the forms, the rules and regulations. Colonial National Mortgage has expert staff prepared to guide you through the VA loan process from start to finish.

• 100% Financing
• No traditional mortgage insurance required
• Funding fee waived to those with VA disability of 20% or more
• Seller can pay all of closing costs and some other costs
• Faster refinancing

Fixed Rate Balloons

• Principal and interest do not change
• Regular monthly P&I payments are based on a 30 year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years
• Interest rate is typically less than fixed rate loans
• Most borrowers anticipate refinancing or selling prior to the end of the balloon term

Fixed Rate with Temporary Buy-Down

• Borrowers or the seller may pay to temporarily "buy down", or lower, the interest rate
• Decreased interest rate reduces the monthly payment
• Lower interest rate may help borrowers qualify more easily; qualifying factors may vary
• Interest rate/payment is typically reduced for 1, 2 or 3 years

Adjustable Rate Mortgages (ARMs)

• There is potential for the interest rate and payment to fluctuate
• ARMs transfer to borrowers a portion of the risk associated with a changing economy
• In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed rate mortgages
• The lower interest rate may help borrowers qualify more easily; qualifying factors may vary

Refinance

Find out if it's the right time to refinance! You may be able to lower your monthly payment and/or reduce the time it takes to pay off your loan. Either or both can save you a lot of money. Here are some important reasons to consider refinancing:

• Get a lower mortgage rate and reduce interest costs
• Convert an adjustable rate mortgage to a more secure fixed rate mortgage
• Consolidate your first and second mortgages into a mortgage with a lower rate
• Pay off installment debts or credit cards

The advantages we offer for your refinancing needs include:

• Competitive rates and reduced fees
• Easy online application
• Conventional, FHA, and VA mortgage programs
• Guidance and advice from an experienced loan professional

Ready to refinance your current mortgage?

Apply online for pre-qualification or request a call from a mortgage professional to discuss your options.

Jumbo Loans

A jumbo mortgage exceeds the industry-standard definition of a conventional conforming loan, which is currently $417,000. However, some upper limits of jumbo loans are set on a county-by-county basis. Your Loan Officer is well versed in the various guidelines used to underwrite a jumbo loan and can guide you through the application process.

Construction Loans

The Single Close Construction Loan from Colonial National Mortgage combines the interim and permanent financing into one loan with one application, one set of fees and one closing.

Unlike traditional loans for new home construction that require re-qualifying and duplicate paperwork, the Single Close Loan eliminates these steps to save you time, trouble and thousands of dollars in interest costs.

• Enjoy a full 12 months of interest-only payments
• No need to sell your current home before moving into your new home, so there is no need to move twice
• No credit updates or re-qualifying. No hassle of collecting paperwork a second time.

Borrowers may choose from several loans programs, many at rates below what is normally charged for interim construction financing. Lot equity or items borrowers have paid in advance may be used as credit toward the down payment. In many cases, lot equity is sufficient to cover the down payment completely.

Relocation Loans

At Colonial National Mortgage (CNM), we recognize the unique challenges involved within the relocation process and the knowledge and expertise needed to facilitate a smooth transition. As a result, we have built our relocation division based on years of experience and feedback from within the relocation mortgage industry with a specific focus on meeting the challenges and needs associated with a corporate relocation.

Relocation program administrators can rest assured that their relocating employees are provided the highest quality service at competitive rates with knowledgeable experienced professionals navigating them through the relocation process. Relocating employees can rest assured that they will find the best financial solution for their needs with a dedicated and experienced advocate.

Individuals or families that are relocating on their own or through an employer sponsored program can trust Colonial National Mortgage. CNM is prepared, passionate, and positioned to service their needs.
"At your service. On your side"

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Home Equity Loans

Home equity loans offer a wide variety of amortization periods (length of time to pay it back), more choices for people with less-than-perfect credit, fixed rates so your rate can never go up and the interest paid may be tax deductible.*

*Consult your tax advisor.

Reverse Mortgages

A reverse mortgage is a home loan that homeowners at least 62 years of age can obtain to access the equity in their home.

Reverse mortgages are called such because you borrow money from a lender and the lender makes monthly payments to you, rather than making monthly payments to the lender. A lump sum option is available as well. All interest is paid at the end of the loan, rather than at the beginning.

What are some of the benefits of a reverse mortgage from Colonial National?

• Strengthen your personal and financial independence
• Help pay for health care or other needs
• You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments, and any homeowner's association dues
• The loan is only paid or required to be paid when the house is sold by you or your heirs, or all borrowers move out of the house
• A Reverse Mortgage does not affect your Medicare or Social Security benefits
• No income requirements: the homeowner does not need to be employed and the loan is not qualified based on income
• Funds received from a Reverse Mortgage are not subject to income tax and do not affect Social Security benefits

For more information and a consultation, contact our Reverse Mortgage specialist.

HomePath® Mortgage and Renovation Loans


* All features/parameters are subject to change without notice *

Colonial National Mortgage is a Fannie Mae-approved lender for the HomePath® Mortgage and the HomePath® Renovation Mortgage.

HomePath® Mortgage features:

• $50,000 minimum loan amount
• Minimum credit score of 660 is required
• Select from a wide inventory of Fannie Mae's real estate owned (REO) properties
• High loan-to-value ratios
• 3% down payment
• 15% down payment on 1-unit investment properties
• No appraisal requirement
• No mortgage insurance requirement
• Financing available for renovation
• No condos in AZ, CA, FL, MI or NV

HomePath® Renovation Mortgage features:

• Primary residences, second homes and investment properties
• $50,000 minimum loan amount
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