Oakdale Mortgages Corporation
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Oakdale Mortgages Corp offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
15-Year Fixed-Rate Mortgage
20-Year Fixed-Rate Mortgage
30-Year Fixed-Rate Mortgage
Adjustable-Rate Mortgages
Variable-Rate Mortgages
Fixed-Period Adjustable-Rate Mortgages
Fixed-Rate Mortgages
Balloon Mortgages
Biweekly Mortgages
Low Down Payment Mortgages
100% Financing Mortgages (No Money Down)
Interest Only Mortgages
Stated Income or No Income Verification Mortgages
Mortgages for borrorwers with imperfect credit
Construction-To-Permanent Mortgages
Mortgages for Self Employed borrowers
2nd Home or Cottage Mortgages
Investment Property Mortgages - Single or Multi-unit
Mortgages for Foreign Nationals
80/20 Combo Mortgages

15-Year Fixed-Rate Mortgage

You pay off a 15-year fixed-rate mortgage in half the time you pay off the traditional 30-year fixed-rate mortgage. This shorter term makes it possible for you to build up equity in your home faster, which can let you move up more quickly to a more expensive home or save more in preparation for retirement or a child's education. This loan is particularly attractive if you're refinancing your mortgage because you shorten your loan term plus enjoy a lower interest rate - 15-year mortgages are usually offered at interest rates lower than those available with 30-year mortgages. However, higher monthly payments may make it more difficult to qualify for compared to the 30-year fixed-rate mortgage.

 

 

Advantages:

  • Offers a lower interest rate than a 30-year or 20-year mortgage.
  • Saves you a significant amount of interest over the life of the loan. For example, with a $100,000 loan at 8.25 percent interest, the 15-year mortgage will save you $95,000 in interest payments over the life of your loan, compared to the same mortgage amount for a 30-year term. However, your monthly mortgage payments will be higher.
  • This shorter-term mortgage allows you to own your home outright sooner.

Details:

  • Eligible properties include one- to four-family, owner-occupied principal residences; second homes and investment properties; and condos, co-ops, and planned unit developments. Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

 


20-Year Fixed-Rate Mortgage

With a 20-year fixed-rate mortgage, you build up equity in your home more quickly and save quite a bit of interest over the life of your loan. As with all fixed-rate mortgages, the interest on your loan never changes, bringing you peace of mind that your principal and interest payments will remain level over time. However, higher monthly mortgage payments may make it more difficult to qualify for compared to the 30-year fixed-rate mortgage.

Term: 20 years   Maximum Amount: $359,600
 

Advantages:

  • You pay less interest over the life of your loan, compared to a 30-year fixed rate mortgage. For example, on a $100,000 loan at 8.25 percent interest, the 20-year fixed rate mortgage can save you over $65,000 in interest payments when compared to a 30-year mortgage.
  • Interest rate payments in the early years of the mortgage are comparable to a 30-year mortgage, allowing for a sizable mortgage interest tax deduction.
  • Your monthly payments are significantly less than for a 15-year mortgage, allowing you a greater chance to qualify for this type of mortgage.

Details:

  • Eligible properties include one- to four-family, owner-occupied principal residences; second homes and investment properties; and condos, co-ops, and planned unit developments. Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

30-Year Fixed-Rate Mortgage

Adjustable-Rate Mortgages

Fannie Mae began offering the adjustable-rate mortgage (ARM) in the early '80s, when long-term interest rates were high and people needed a new type of financing to buy homes. These products start out with a lower interest rate, then the interest rate adjusts periodically. If you're confident that your income will increase steadily over the years, or if you plan to move in a few years and aren't concerned about potential rate increases, you may want to consider a Fannie Mae adjustable-rate mortgage. With an ARM, your interest rate may move up or down as market conditions change. Interest rate changes typically are subject to two caps, one for each adjustment period and one for the life of your loan. When discussing ARMs with your Fannie Mae-approved lender, be sure to ask what the maximum interest rate adjustments can be for any ARM product you consider. Fannie Mae-approved lenders offer a wide array of adjustable-rate mortgages.

Term: 30 years   Maximum Amount: $359,600

Variable-Rate Mortgages

Fixed-Period Adjustable-Rate Mortgages

This type of adjustable-rate mortgage (ARM) maintains the same initial interest rate for the first three, five, seven, or 10 years of your loan, depending on the term you choose. Your interest rate then adjusts annually, and can move up or down as market conditions change. Be sure to ask your Fannie Mae-approved lender about the interest rate caps for both the annual adjustments and for the life of the loan.

Term: 30 years   Maximum Amount: $359,600
 

Advantages:

  • Your initial interest rate will be lower than a fixed-rate mortgage, so you may be able to afford more home.
  • You are protected against interest rate increases for the first three, five, seven, or 10 years of the loan, depending on which type of fixed-period ARM you choose.
  • You may have the option to convert your ARM to a fixed-rate mortgage at the first, second, or third interest rate adjustment dates.
  • You have time to improve your financial position (i.e., salary increases) or accumulate additional assets before the interest rate adjusts at the end of the fixed period.

Details:

  • The lifetime interest rate cap for fixed-period ARMs is typically 5 to 6 percentage points above your initial rate. Your annual cap during the adjustable period is typically 1 to 2 percentage points above or below over the current rate.
  • Can be used to buy one- to four-family residences including second homes and condos, co-ops and planned unit developments. Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

Fixed-Rate Mortgages

Fixed-rate mortgages, the most popular type of mortgage, offer the peace of mind that your interest rate will remain the same for as long as you have your loan. If you expect to live in your home for many years, having the same interest rate may be your key concern. If you decide that you like the stable, predictable payments of a fixed-rate loan, you have the option of choosing from a variety of repayment terms: 15, 20, and 30 years are the most common. Typically, the longer the term of the mortgage, the more interest you pay over the life of your loan. However, stretching out your repayment term means your monthly mortgage payments will be less than they would be with a comparable shorter-term mortgage. Fannie Mae-approved lenders offer a wide array of fixed-rate mortgages.

Term: 30 years   Maximum Amount: $359,600

Balloon Mortgages

The Fannie Mae seven-year balloon mortgage is a type of fixed-rate mortgage with a term of seven years. The principal and interest you pay are amortized over a longer period (30 years) than the actual term of the mortgage. At the end of the balloon period, you may pay off the outstanding balance with a lump-sum payment or exercise the option to refinance for the remaining term. The option to refinance is conditional, meaning you have to meet certain conditions (such as a history of timely payments or no second liens on your property).

Term: 7 years   Maximum Amount: $359,600
 

Advantages:

  • Ideal if you plan to sell or refinance your home within seven years and want a low monthly payment during that time. The interest rate you pay on a balloon mortgage is usually lower than a comparable 30-year fixed-rate mortgage.
  • With a refinance option at the end of seven years, you have a "safety net" in case a planned relocation doesn't take place or economic conditions prevent you from moving to a larger home. (You may want to understand all the conditions needed for a refinance before getting this loan.)
  • You need not re-qualify for this loan when refinancing at the end of seven years as long as the new interest rate is not more than 5 percent above the current interest rate.

Details:

  • The refinance condition is not automatic - you must exercise the option.
  • Refinancing conditions may include payment of closing costs and a lender fee, as well as no 30-day late payments in the previous 12 months and no other liens on your property.
  • You must occupy your property at the time of refinancing.
  • This mortgage can be used to buy one-family, principal residences, including condos and planned unit developments. Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

Biweekly Mortgages

This fixed-rate mortgage is designed for borrowers who wish to accumulate equity in their homes quickly, but need a low down payment and low monthly payments. It is particularly well-suited to borrowers who are paid every two weeks by automatic deposit, because payments must be automatically drafted from the borrower's account every two weeks. If you want stable payments and seek to build equity in your home more quickly, this type of loan may be for you. It is available for most fixed-rate mortgages.

Term: 30 years   Maximum Amount: $359,600
 

Advantages:

  • You save the amount of interest paid over the life of the loan, which will help you pay your mortgage more quickly than by making payments monthly.
  • Your mortgage payment is usually deducted automatically from a deposit account, saving you the cost of postage to mail your payment. Additionally, you may find it's easier to manage your finances by having your mortgage paid at the same time you receive your paycheck.

Details:

  • Interest is calculated amortizing the mortgage every 14 days, using a 365-day calendar year, resulting in 26 (27 in some cases) payments a year.
  • Biweekly mortgages can be used to buy one-family, principal residences, including condos and planned unit developments. Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

Low Down Payment Mortgages

Recognizing that saving enough money for a down payment can be a major stumbling block to buying a home, Fannie Mae has developed a wide array of low down payment mortgages. These Fannie Mae products are ideal if you have limited funds for closing costs as well. All these mortgages let you borrow up to the amount of Fannie Mae's current loan limit toward the purchase of a one-family home that you intend to make your primary residence. The Flexible 97® loan is designed for home buyers with very good credit histories; other low down payment loans offer more flexible qualifying requirements and may be particularly helpful if you have a limited income. Fannie Mae-approved lenders offer a wide array of low down payment mortgages.

Term: 30 years   Maximum Amount: $359,600

100% Financing Mortgages (No Money Down)

Interest Only Mortgages

Stated Income or No Income Verification Mortgages

Mortgages for borrorwers with imperfect credit

Construction-To-Permanent Mortgages

This mortgage gives you the financial power to build your own home -- you can borrow money to build a home from the ground up or to finish building a home that's currently under construction. This loan provides financing from the construction through the purchase phases of your new home.

Term: 30 years   Maximum Amount: $999,999

Mortgages for Self Employed borrowers

2nd Home or Cottage Mortgages

Investment Property Mortgages - Single or Multi-unit

Mortgages for Foreign Nationals

80/20 Combo Mortgages



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $7,193. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.