Programs

Briner, Incorporated works with the leading lenders in our industry to provide a wide variety of loan programs. To determine what program might work best for you:

1. Think about how long you plan to be in the house. If you plan to sell the house in a few years you may want to consider an adjustable rate or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed rate loans.
   
   
2. Understand the relationship between rate and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan, for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
   
   

Briner, Incorporated is committed to assisting our borrowers through the loan process. In order to be more helpful, we have provided a short "cheat sheet" on how to Help Yourself Through the Loan Process.

Shopping for a loan can be difficult. With so many programs to choose from with varying rates, points and fees, it is hard to decide which program is best for you. That's where our experienced loan officers can help you make the decision that is best for you.

Below is a list of commonly available styles of mortgages. To help you better understand which type you may wish to persue, click on any of the links and you will be relocated to the proper loan description.

Adjustable Rate Mortgages (ARMs)
Balloon Mortgages
Conventional Loans - Conforming Amounts
Conventional Loans - Non-Conforming Amounts
Federal Housing Administration (FHA) Programs
Fixed Rate Mortgages
Home Equity Lines of Credit (HELOC)
Second Trusts/Home Equity Loans
Veterans Administration (VA) Programs

Adjustable Rate Mortgages (ARMs)

An Adjustable Rate Mortgage (ARM) features a variable interest rate which is adjusted periodically. Adjustments are available for periods from every 12 months to every 10 years and are usually subject to 'Caps' on the rate at each maturity and over the life of the loan. Rates are tied to a generally accepted 'index' such as the Prime Rate, the 1 year U.S. Treasury Bond or LIBOR (London Inter Bank Offered Rate).

ARMs can provide the security of a long term loan, with the flexibility and affordability many prospective home buyers desire. Generally, initial interest rates are lower than on fixed rate mortgages, although buyers may have to qualify at higher than the start rate.

Balloon Mortgages

A balloon mortgage is amortized just like a fixed rate loan, but the total balance becomes due after a predetermined number of months. For instance, interest rates being equal, the payments on a 7-yr ballon are the same as those for a 30-year fixed rate loan. However, after 7 years (84 months), the remaining principal balance becomes due and payable, and either has to be paid, or refinanced at the current rates. Because balloon interest rates are often lower than fixed rates, balloon loans are often used by individuals who know the property they are purchasing will only suit their needs for a limited time period.

Conventional Loans - Conforming Amounts

Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies, Fannie Mae and Freddie Mac, which offer standardized underwriting guidelines for conforming loan amounts up to $417,000*. These loans can carry fixed or variable (ARM) rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as little as 5%, although loans with less than 20% down require mortgage insurance.

* - conforming loan amounts vary periodically, and will be updated on this site.

Conventional Loans - Non-Conforming Amounts

If your mortgage loan exceeds the maximum amounts permitted by other programs, we offer a variety of mortgage options which will meet your needs. Non-conforming (jumbo) loans can be either fixed or adjustable rate mortgages. Underwriting guidelines vary depending on program selected, down payment, and actual loan amount. Repayment options also vary, enabling you to select a mortgage that fits your budget.

Federal Housing Administration (FHA) Programs

FHA loans are ideal for first-time home buyers and those low- to moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3% and the loans are assumable with release of liability to the original borrower. Each area of the country has a designated maximum loan amount determined by the Department of Housing and Urban Development (HUD). These loans can be fixed or adjustable rate, and also offer a buydown option.

Fixed Rate Mortgages

A fixed rate mortgage is the program most people think of when they think of a home loan. They amortize at the same interest rate (and therefore the same monthly principal and interest payment) over the life of the loan, generally 15 - 30 years.

Home Equity Lines of Credit (HELOC)

Home Equity Lines of Credit (HELOC) are liens recorded against the mortgaged property for a set amount which can be borrowed (usually via check) as the homeowner requires. Borrowers are billed monthly at variable interest rates on amounts they have drawn on the line. Draws are generally limited to a specific time period (i.e., 10 years). HELOCs' most attractive feature is that the interest paid is often tax deductible.

Second Trusts/Home Equity Loans

Second trust loans are most often smaller loans and are always recorded after the initial lien against a property. Second trusts are often used as 'piggyback' loans so homebuyers aren't faced with monthly private mortgage insurance payments (required if the first trust is 80% or more of the home's value). Because conforming interest rates are generally lower than non-conforming or jumbo rates, 'piggyback' loans are also used to bring the first trust balance to within conforming limits. However, second trust loans with a set amortization period are also used to access equity in a property for home improvement, education expenses, etc.

Veterans Administration (VA) Programs

Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements. VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers. Maximum loan amounts are based upon VA guaranty amounts and the loans are assumable with release of liability. There are no penalties for prepayment and both fixed and adjustable rates are available.