Mortgage lending has been our primary focus for over a hundred years. If you are purchasing or refinancing, you owe it to yourself to contact us!
Whether you are a first time home buyer, purchasing that dream home, or refinancing an existing mortgage, SSL can help guide you through the many mortgage options to identify the one that best suits your individual needs.
Options include Conventional, Construction (to Permanent) or Jumbo financing with permanently fixed rate products or adjustable rates (ARM). Terms range from 10 years to 40 years. We are constantly evaluating additional mortgage products for inclusion in our product offering.
Our fixed rate products guarantee that the interest rate will remain constant throughout the life of your mortgage. This product provides the greatest measure of protection against changes in the monthly principal and interest payments because the loan rate never changes.
Adjustable rate mortgage products interest rate are tied to a specific market index plus a fixed margin. As the market index moves up or down within certain predetermined ranges (interest rate floor and ceiling), the interest rate on your mortgage will adjust with that movement. The change in the interest rate may (and likely would) change the amount of the monthly principal and interest payment on the mortgage (with any changes occurring annually). Adjustable rate mortgages allow the borrower to take advantage of lower rates when rates fall. Conversely, the borrower takes some interest rate risk as the mortgage interest rate would adjust upward when rates rise. The extent to which the mortgage interest rate could adjust is restricted both annually and over the life of the mortgage. While there are many different options, a typical rate range would be 2/5. Under this scenario the maximum annual rate adjustment would be restricted to no more than 2% and the maximum lifetime adjustment would be 5% (above the original interest rate).
Construction/Permanent loans are the product of choice for borrowers that are having their homes built. This product allows for a single loan closing thereby avoiding duplicate closing cost. This product provides for a variable rate of interest during the construction period (typically six to twelve months) then has the option of converting to a fixed rate or remaining as an adjustable rate when construction has been completed.
Balloon Mortgages provide another financing option that offer a fixed rate for the initial period (typically three to seven years with five years the most common period) followed by a balloon payment. The loan is structured with an amortization period of ten to thirty years. This means that the amount of the monthly principal and interest payments, during the initial period, would be the same as if the loan was extended for a longer period. At the scheduled balloon payment due date the remaining balance of the mortgage would become fully due and payable. This option is selected when a borrower would anticipate a financial event (possibly the liquidation of an asset) that would make available funds adequate to retire the loan balance at that time.
