We offer a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide: New Construction Extended Lock Fixed Rate Mortgages FHA Mortgages USDA Rural Housing Mortgages Adjustable Rate Mortgages Streamline FHA Refinance Interest Only Mortgages Jumbo LoansVA Mortgages Portfolio Loans
New Construction Extended Lock
This loan is for customers looking at New Construction Homes. We allow you to lock in your interest now, and if the market allows, to get an even lower rate within 30 days of closing.
Fixed Rate Mortgages
Fixed-rate mortgages are the traditional choice of homeowners and home buyers, who plan to stay in their home for many years and want to build equity. Regardless of fluctuations in the market, your principal and interest payment remains the same for the duration of the loan. These loans are available in terms from 5-30 years.
The Federal Housing Administration's loan programs enable more people to qualify for a mortgage. With more flexible credit guidelines FHA mortgages can be a viable choice for first time home buyers, borrowers with less than perfect credit, self-employed borrowers or borrowers who have been employed for less than 2 years. The down payment on an FHA loan can be as little as 3.5% of the purchase price of the home.
Borrowers are responsible for paying monthly insurance premiums until the balance of the loan is 78% of the value of the property, provided the borrower has paid the insurance premiums for at least 5 years.
USDA Rural Housing Mortgages
A USDA mortgage is available only in certain "rural" areas of Missouri. These loans require no down payment, and also include no monthly mortgage insurance. Income and eligibility requirements are different than most loans.
Property address and income determine eligibility for this type of loan. Ask your loan officer or Realtor for information on specific homes or qualifications.
Adjustable Rate Mortgages
After an initial term, the interest rate on an adjustable-rate mortgage loan is re-set periodically to keep the rate in line with current market interest rates. Fixed periods of time for the initial term can be 1,3,5,7, or ten year terms. Adjustment periods after the initial term is every 12 months. The lender sets the adjustable rate by adding a fixed percentage to an index rate. When the interest rate goes up, your monthly payment also increases. Most ARM loans have a periodic cap and lifetime cap to limit the amount the interest rate can increase each adjustment period and over the term of the loan.
If your start rate is less than the fully indexed rate, your interest rate and monthly payment may increase significantly at the first adjustment - even if the Index does not change. And, your interest rate and monthly payment will increase even more if the Index rises.
Streamline FHA Refinance
If you already have an FHA mortgage, you may qualify for a streamlined refinance program that can lower your monthly payments. An appraisal, credit underwriting, qualifying debt ratios, credit check, income verification may not be required. To qualify for an FHA Streamline Refinance, you must be using the home as a primary residence, your mortgage must be an FHA loan and you must be current in your payments.
With an FHA Streamline Refinance, you lower your monthly payment, but there is no option to obtain cash back.
Interest Only Mortgages
With an interest only mortgage, your mortgage payment covers only the interest, with no principal reduction for a designated period of time. Payments will be lower during the interest only period and will increase when that period is over. If you choose an interest only mortgage, you may not build equity during the interest only period if you make the minimum payment each month. At the end of the interest only period, your monthly payment will increase even if interest rates haven't changed.
Jumbo Loans and The Cooper Group
Loans that exceed the conforming loan limit of $417,000, are called Jumbo Loans. Numerous fixed rate and adjustable rate jumbo loan programs are available. Jumbo loans generally require a larger down payment for purchase(more available equity for refinances), and usually have higher rates than conforming loans.
Located in Washington Depot, Connecticut, The Cooper Group is an office of Boulevard Bank. The Group specializes in jumbo and superjumbo mortgages.
In the mortgage business for over 20 years, Craig Cooper has extensive experience in assisting the country’s wealthiest individuals and families in structuring appropriate mortgage financing in the context of their broader financial plans and portfolios. These range from straightforward, highly competitive fixed rate and ARM mortgages to complex financing packages that may involve multiple properties or other collateral besides real estate.
If you are an active service person, or qualified veteran you may be able to obtain a mortgage on more favorable terms than your circumstances would otherwise allow. With government guarantees, we are able to offer loans that may be advantageous to the borrower. VA loans may be used to buy a primary residence or to refinance an existing VA or conventional loan.
VA guaranteed loans may have less stringent qualification standards, lower down payment requirements, and lower interest rates than conventional loans. There are limitations on closing costs and some fees can be included in the loan amount.
Portfolio Loans are funded and serviced by the staff at our banking locations. This loan product is used in unique situations for borrowers. This loan is fixed for 5 years and adjusts annually thereafter.
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