The following is a partial list of programs offered by Quintal Mortgage Co with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 954-634-2861.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.
Purchasing your first home can be a costly, nerve-wracking process. Luckily, inexperienced buyers can consider a variety of affordable loans. These loans are often more accessible to first-time buyers than you might think. They may also be a good option for:
You may also qualify for special loans, grants or other benefits if you’re a low- or middle- income buyer, if you’re a current or former military service member or if you’re looking to buy in certain geographic locations.
FHA (Federal Housing Administration) loans are government-backed mortgage loans designed to make homeownership more accessible for low to moderate-income individuals and those with less-than-perfect credit. They offer benefits such as low down payments, competitive interest rates, and flexible qualification criteria, including lower credit score requirements. FHA loans are popular among first-time homebuyers and serve as a viable option for individuals who may not qualify for conventional mortgages.
VA (Veterans Affairs) loans are mortgage loans specifically designed to assist eligible U.S. veterans, active-duty service members, and certain members of the National Guard and Reserves in achieving homeownership. These loans are backed by the U.S. Department of Veterans Affairs, offering numerous advantages, including no down payment requirement, competitive interest rates, and relaxed credit score standards, making them an attractive option for those who have served in the military. VA loans also often feature lower closing costs, making homeownership more accessible to veterans and their families.
USDA (United States Department of Agriculture) loans are government-backed mortgage loans that primarily aim to promote homeownership in rural and suburban areas. These loans offer benefits such as zero down payment requirements, competitive interest rates, and more flexible credit criteria, making them an affordable option for low to moderate-income individuals and families in eligible locations. USDA loans are often referred to as Rural Development loans and provide a pathway to homeownership for those who meet the program's income and location requirements.
Reverse mortgage loans, also known as reverse equity loans, are only available to homeowners 62 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly income while remaining in their homes. Contact us for more details.
Home Refinance Loans, also known as refinancing, involve replacing an existing mortgage with a new one, typically with different terms or interest rates. Borrowers often pursue refinancing to lower their monthly mortgage payments, reduce their interest rates, or access their home's equity for other financial needs. Refinance options include rate-and-term refinances, which aim to secure better loan terms, and cash-out refinances, allowing homeowners to borrow against their home's equity. The process usually involves a credit check, home appraisal, and evaluation of the borrower's financial situation to determine eligibility and the potential benefits of refinancing.
In some cases a refinance loan might result in higher finance charges over the life of the loan.
Home equity loans and home equity lines of credit (HELOCs) are loans that are secured by a borrower’s home. A borrower can take out an equity loan or credit line if they have equity in their home. Equity is the difference between what is owed on the mortgage loan and the home’s current market value. In other words, if a borrower has paid down their mortgage loan to the point that the value of the home exceeds the outstanding loan balance, the homeowner can borrow a percentage of that difference or equity, generally up to 85% of a borrower’s equity.
A Home Equity Line of Credit (HELOC) is a type of loan that allows Homeowners to borrow money against the equity they have built up in their homes.
A cash-out refinance is a way to access cash by replacing your current mortgage with a new, larger loan. But if mortgage rates have risen since you bought your home, the costs may not be worth it.
A cash-out refinance gives you a new loan that's larger than your current mortgage balance — and you pocket the difference.
How much cash you’re eligible to access depends upon your home equity — how much your home is worth compared to how much you owe.
A second mortgage is a lien taken out against a property that already has a home loan on it. A lien is a right to possess and seize property under specific circumstances.
In other words, your lender has the right to take control of your home if you default on your loan. When you take out a second mortgage, a lien is taken out against the portion of your home that you’ve paid off.
Unlike other types of loans, such as auto loans or student loans, you can use the money from your second mortgage for almost anything. Second mortgages also offer interest rates that are much lower than credit cards. This difference makes them an appealing choice for paying off credit card debt.
Construction loans are short-term loans designed to fund the construction or renovation of residential or commercial properties. They provide borrowers with access to funds in stages as the project progresses, reducing the financial burden during construction. Once the construction is complete, these loans are typically converted into traditional mortgages, allowing borrowers to make principal and interest payments on the property.
Commercial loans are financial products designed to support businesses in various ways, including financing property acquisitions, expansion, or working capital needs. They typically offer more significant loan amounts and longer repayment terms compared to personal loans. Commercial loans can take several forms, such as real estate loans, equipment financing, or lines of credit, each tailored to the specific financial requirements and goals of the business.
Non-QM (Non-Qualified Mortgage) loans are mortgage products that do not conform to the strict guidelines set by government-sponsored entities like Fannie Mae and Freddie Mac. These loans are typically designed for borrowers who may not meet traditional lending criteria, such as those with non-traditional income sources or credit issues. Non-QM loans offer flexibility in underwriting, making homeownership accessible to a broader range of individuals and providing options beyond standard conventional mortgages.
Jumbo loans are a type of mortgage loan designed for purchasing high-value homes that exceed the conventional loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac. They offer the flexibility to finance luxury properties, with competitive interest rates and terms, catering to borrowers with strong credit histories and substantial down payments. Jumbo loans typically require larger down payments and stricter credit qualifications, making them suitable for affluent homebuyers and investors seeking high-end real estate.
DSCR (Debt Service Coverage Ratio) loans are specialized financing options primarily used in commercial real estate and investment properties. These loans focus on the property's ability to generate sufficient income to cover its debt payments, rather than relying solely on the borrower's personal income. DSCR loans provide real estate investors with a flexible and tailored financing solution that assesses the property's cash flow, making them particularly valuable for income-producing properties and projects.
Foreign national loans are mortgage loans specifically tailored for individuals who are not U.S. citizens or permanent residents but wish to purchase property in the United States. These loans are designed to provide access to U.S. real estate markets, offering financial options for foreign investors, expatriates, or individuals seeking vacation homes. Lenders typically require a higher down payment and may have more stringent credit and income verification requirements for foreign national borrowers. Foreign national loans can be an excellent way for non-U.S. residents to invest in U.S. real estate and diversify their portfolios.
ITIN loans are a unique kind of loan for individuals that may not have the traditional documentation needed to obtain mortgage loans. ITIN loans can be a suitable option for individuals who do not have a Social Security Number. Using their ITIN, these individuals have a path toward homeownership as they can get a mortgage loan with their ITIN.
A 1099 income loan is a mortgage solution for self-employed and contract workers who have trouble qualifying for a conventional loan. Borrowers can use their 1099 earning statements to show work income instead of tax documents.
Our 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines.
These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.
Asset Qualifier loan product is for borrower’s to qualify using their liquid assets. We do not require employment, income or DTI to justify ability-to-repay. We qualify based on required assets that meet seasoning requirements. We have helped retirees, underserved self-employed, divorced with no income, and other borrowers with required seasoned assets to purchase or refinance. This easy to close loan is another solution helping borrowers with their home loan needs who could not under Agency guidelines.
For many self-employed individuals, the dream of homeownership can seem elusive due to the unique financial challenges they face. Traditional mortgage lenders often rely on W-2 income statements, making it difficult for those who work for themselves to prove their ability to repay a loan. However, there’s a financial tool that can help bridge this gap: P&L (Profit and Loss) mortgages.
Navigating the maze of mortgage options can seem daunting. This is particularly true when you're self-employed and typical income verification rules don't neatly apply to you. It's like trying to assemble a puzzle with no corner pieces, right? We hear you! That’s why we want to help demystify our Written Verification of Employment (WVOE) Mortgage Loans.
Investing in a property is a great way to make passive income or provide a vacation home for your family; it’s our job to make your investment goals a reality by providing the right financing to get you started or cut costs from your bottom line.
As the name implies, an investor loan is a type of mortgage that’s used to acquire an investment property. Investors use these loans to steer clear of the red tape that comes with traditional mortgages and expand their portfolio of income-producing properties.
In today’s booming real estate market, properties are scarce. You may have found your desired property and don’t want to lose it.
Our investor “bridge financing” facilitates our partners’ ability to close quickly and be competitive in a thriving housing market.
A residential lot or vacant land loan allows you to purchase the land you've always dreamed of. Our team is here to make the process as easy as possible so you can secure the proper loan for your vacant land or residential lot purchase.
Owning land is part of the American dream. Whether you've always dreamed of being a landowner or came across a great deal on a property and just started considering the idea, we offer residential lot loans and vacant land loans to help make your dream a reality.