Loan Type Rate% Points 30 yr Conform. 5.875 1.000 30 yr Jumbo 6.750 1.000 5 yr ARM C 5.375 0.000 7 yr ARM J 6.125 0.000   C = Conforming   J = Jumbo

Whether you are Purchasing, Refinancing or want a Home Equity loan we can help you meet your financial needs.

Purchasing property and owning your own home — it's the American Dream for several good reasons. You build equity, enjoy tax deductions, and the quality of your life is greatly improved. For more information see the Why should I buy a home? section of our FAQ.

Bridge View Funding helps you realize your property ownership dreams by offering you all the best advantages:
• Low Rates
• Easy Application Process
• Quick Approval
• All Types of Mortgages
• Expert Guidance & Advice from a Personal Loan Advisor
• On-Time Closings

Refinancing your home can save you money! You can save by getting a lower interest rate. And you can save even more if you use your refinancing to pay off credit card debt or other installment-type loans. That's because interest on your mortgage is tax-deductible, and the interest on other loans is not. Here are some key reasons to consider refinancing: Convert a higher rate mortgage to a lower rate mortgage.
Convert an adjustable rate mortgage to a fixed rate mortgage.
Consolidate a first and second mortgage into one lower rate mortgage.
Get cash for family needs and expenses.

Home Equity is the difference between the market value of your home and what you owe on your mortgage. For more information, review other frequently asked home equity questions.

Bridge View Funding offers you all the key Home Equity Loan advantages: • Low Rates
• Easy Application Process
• Quick Approval
• No Prepayment Penalties
• Tax savings - The Interest you pay may be fully tax deductible, which further reduces your cost of borrowing. Consult your advisor.

Loan Categories/Types
This section describes each major type of loan available to help give you an idea of which loan may fit your specific needs. We know that all the different loan programs that are available may be overwhelming, so we highly encourage you to contact our Loan Advisors (link to Contact Us) who are always available to answer any questions and review all of your options with you.

Conventional Loans
A conventional loan is a loan that is not insured by the Federal Housing Administration or guaranteed by the Veterans Administration or Farmers Home Administration.

Conforming Loan
A conforming loan is a first lien mortgage with a loan amount no greater than $322,700 for a single-family residence. This maximum loan amount is typically adjusted annually by Fannie Mae and Freddie Mac.

Jumbo Loan
A jumbo loan is a first lien mortgage that exceeds the maximum conforming loan limit of $322,700.

Fixed Rate Loans
A fixed rate mortgage provides you with a stable interest rate and payment that will not change over the life of the loan.
Consider a fixed rate loan when:
• Interest rates are low
• You plan to stay in the house for more than 10 years
• You want stable monthly payments
• You're on a fixed income

Adjustable Rate Mortgage Loans (ARM)
An adjustable rate mortgage typically begins with an interest rate that is 2 to 3 percent below the comparable fixed rate mortgage and the rate is adjusted at set intervals. The adjustment is determined by the index associated with the type of ARM. As the index fluctuates so does the interest rate. The indices can be referenced in the Wall Street Journal and many other financial resources. Some common indices are described below: • A One-Year T-Bill, which is the interest rate earned on treasury notes issued by the U.S. government with a maturity date of one year. The interest rate varies, according to market conditions. Cost-of-Funds Index (COFI), which tends to be a "lagging index", meaning it moves slower on the way down and the way up. COFI index loans become popular during times of rate increases. • LIBOR, stands for the "London Interbank Offered Rate" and is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market. • Monthly Treasury Average. The MTA index is considered among the most stable and least volatile. Because the MTA is averaged over 12 months, higher yields in some months are offset by lower yields in others. In other words, it lags on the way up, and on the way down.

Consider an ARM loan when: • You prefer to keep extra cash on-hand for investing or other needs.
• You want the stability of a low fixed rate for a set period of time.
• You're looking for a fully-amortizing product.
• You intend to stay in the home for 7 years or less.

Buydown Loans
A buydown mortgage is a fixed rate loan that requires you or the property seller to pay additional points at closing in exchange for a lower interest rate for the first one or two years. Typically, the rate drops two percent the first year, one percent the second year, then goes back up to the full interest rate. For example if you have a buydown fixed-rate loan at 8 percent, additional points are paid up-front. The first year you are only charged 6 percent, the second year you would be charged 7 percent, and the third and subsequent years you would be charged 8 percent. Consider a buydown when:
• Fixed-rate interest rates are low, but you cannot qualify for a loan
• The seller is paying the closing costs
• You expect your income to significantly increase in the next year or two

Loan Types
• 30 year fixed - Principal & Interest payment is fixed for the 30 year term.
• 15 year fixed - Principal & Interest payment is fixed for 15 years. Typically the interest rate is about 1/4% lower than a 30 year fixed, however your payment would be higher due to the shorter term of the loan.
• 3/1 ARM - Interest rate is fixed for 3 years then becomes a 1 year adjustable rate loan.
• 5/1 ARM - Interest rate is fixed for 5 years then becomes a 1 year adjustable rate loan.
• 7/1 ARM - Interest rate is fixed for 7 years then becomes a 1 year adjustable rate loan.
• 6 month ARM - Interest rate adjusts every 6 months within rate cap guidelines.
• 1 year ARM - Interest rate adjusts every year within rate cap guidelines.
• COFI ARM - The most common COFI (11th District COst of Funds Index) ARM is fixed for 3 months, then adjusts every month thereafter, for the remainder of the loan.
• MTA Option Arm - The most common MTA (Monthly Treasury Average) ARM is fixed for 3 months then adjusts every month for the remainder of the loan. Having four payment options each month (after the start rate period), including an interest only payment, makes this the most flexible loan program. The MTA index is considered among the most stable and least volatile. Because the MTA is averaged over 12 months, higher yields in some months are offset by lower yields in others.
• 3, 5, or 7 year balloon - Your payment is fixed for 3, 5, or 7 years at which time you have a balloon payment. (You must payoff or refinance the loan)
• 3/27 - Interest rate is fixed for 3 years, then adjusts monthly to prevailing rate for the remaining 27 years.
• 5/25 - Interest rate is fixed for 5 years, and then adjusts monthly to prevailing rate for the remaining 25 years.
• 7/23 - Interest rate is fixed for 7 years, and then adjusts monthly to prevailing rate for the remaining 23 years.

* Rates quoted at the beginning of the day indicated. Rates based on qualifying income, assets, and credit rating. Subject to market fluctuations.