Products Line
     Home Mortgages For Everyone!
     Whether you're planning to buy a house, refinance an existing mortgage loan, renovate your home, or build a custom      home, Mortgage Express can meet all of your needs. We offer a wide range of financing options for almost any
     mortgage need. On this Web site,  the specific types of loans available through Mortgage Express are described
     within each of four the categories:

     
        Conventional Program
        Construction Permanent Program
        First Mortgage
        Second Mortgage
        Conforming Loan
        Non-Conforming Loan
        Subprime Loan
        Jumbo Loan
        Home Equity

     Once you have reviewed this information, you may have questions regarding one or more of the loans we have
     described. We encourage you to contact one of our experienced loan officers.
        Contact Our Loan Officer
     Any of our loan officers will be able to help you select the loan program that is best suited for your particular needs.

      Conventional Program

     First & Second Mortgage Loans
     When you think of conventional mortgage loans, what usually springs to mind are the traditional 15-year and 30-
     year, fixed-rate first mortgages that homebuyers use to purchase a home. At Mortgage Express we offer these
     traditional loans in addition to several other flexible options for home purchase and refinance:

     80/10/10/ and 80/15/5 loans to avoid PMI
     Adjustable Rate Mortgages (ARMs)
     Interest Only ARMs
     Buydowns
     100% Financing
     103% Financing
      COFI Loans
      Low Docs
      No Docs
      Govenment-sponsored loans - FHA and VA
      Variable-Rate Home Equity Lines

     

      First Mortgage

     Fixed-Rate Mortgages - The primary advantage of a fixed-rate loan is its stability. Once you have locked in your
     rate, it stays the same, no matter how much interest rates rise or fall. Although the payment on a 30-year mortgage
     tends to be lower, the payment for a 15-year mortgage is usually only slightly higher. Many homeowners choose a
     15-year term to lower the overall cost of interest expense and they can expect to save tens of thousands of dollars
     in interest. The 15-year term also enables the homeowner to build up equity much more quickly than with a 30-year
     term.

     Adjustable Rate Mortgages (ARMS) - An ARM usually features a low initial rate which may be adjusted up or
     down periodically, based upon the terms you select. Mortgage Express offers a number of flexible terms, including 1
     -year, 3/1, 5/1, 7/1 and 10/1 options. ARMs can be particularly helpful to first-time homebuyers who expect their
     income to increase over time and wish to buy more house for their money. ARMs are also useful to those individuals
     who expect to own a house only for a limited time, before  relocating or moving up to a larger home. Either way,
     should the homeowner choose to do so, an ARM can be refinanced to lock in a fixed rate at any time.

     Interest Only Loans - Interest Only loans are tied generally tied to 3/1, 5/1 and 7/1 ARMs. The borrower is only
     obligated to pay the interest for the fixed portion of the loan. At the end of this period, the full payment is then
     required. This gives the borrower the advantage of a lower monthly payment and the flexibility to pay down principal
     at any time. Buydowns - In certain situations, an individual (either a buyer, seller or builder) will give money to the
     lender in order to lower the buyer’s interest rate and, therefore, lower their monthly mortgage payment, either for a
     specific period or for the life of a loan, The offset for this type of loan, known as a buydown, can be particularly
     advantageous to first-time homebuyers.

     100% Financing - Most mortgages do not cover all of the purchase price, and the borrower must come up with the
     remaining amount as a down payment. Mortgage Express offers a 100% financing option to qualified buyers up to a
     maximum loan amount of $500,000 with no PMI.

     COFI Loans - The 11th District Cost of Funds Indexed loan program (C.O.F.I.) is one of the most mis-understood
     programs available in the market today. It is a unique ARM product that solves many cash flow issues for today’s
     homebuyers and owners. It is widely recognized as one of the slowest moving indexes available in the market. This is
     due to the fact that the index is based on the Average interest rate Banks pay their depositors on short-term savings
     accounts. Remember, banks don’t want to pay you a high rate of interest on your savings. The COFI loan allows you
     to make many different payment levels each month. Full Principle & Interest payment, Interest Only, or a Minimum
     payment (which is less than the Interest only payment). If you only make the Minimum payment you will incur
     “Negative Amortization” (your loan amount increases). Make sure you speak with a knowledgeable loan officer
     regarding the specifics of this type program and how it can benefit you.

     Low Doc Loans - Low doc stands for low documentation. These special loans aid borrowers who qualify to apply
     for a loan without having to document certain financial information.
     No Doc Loans - In some cases, a highly qualified borrower can apply for a loan that requires no documentation of
     their financial picture. The general rule of thumb is, the less information that is documented the higher the interest rate
     the lender must charge for the loan. These types of loans are often referred to as “loans outside the box”

     Community Lending Programs - Owning a home is important, so Mortgage Express participates in several
     government-sponsored programs to help as many people as possible to become homeowners. With these loans,
     qualifying is much easier and down payments can be as low as 5%.

     
   
      Second Mortgage Loan

     80/10/10 and 80/15/5 loans - Loans With No PMI - Private mortgage insurance (PMI) is a type of insurance that
     protects the lender should a borrower default. Traditionally, PMI has been required when the borrower’s down
     payment or equity in a home is less than 20 %. Generally, PMI is financed as part of the mortgage, so the borrower
     assumes the cost. Mortgage Express offers homebuyers a way to avoid PMI, even though their down payment may
     be only 5%, 10% or 15%. Through the use of a second trust, a buyer can finance part of their down payment and
     avoid paying PMI.

     Home Equity Line of Credit - This revolving line of credit works similarly to its fixed-rate counterpart and offers the
     same advantages. The interest rate is, however, variable and is tied to the Prime Rate. With the Mortgage Express
     home equity line of credit, you have a ready line to access for purchases and expenses; which means you borrow only
     what you need when you need it. And as you repay your outstanding balance, your line is replenished.

     Home Equity Loans - With this fixed-rate loan, you can utilize the equity you have built up in your home. The amount
     you can borrow is generally determined by how much equity (your share of ownership) you have in your house, and all
     loan proceeds are disbursed at settlement. Because this loan is secured by your home, the interest rate is typically much
     lower than for other types of  consumer loans. As with first mortgages, the interest expense on a home equity loan may
     be tax-deductible (consult your tax advisor for details). Moreover, home equity loans are not subject to PMI.
     Considering the low cost and possible tax advantages, a home equity loan can be a great way to borrow.

     

      Construction/Permanent Programs

     The Loan For Home Building
     Generally, when you build a new house, you must obtain two separate loans: a temporary one for the construction
     phase and a permanent one for your final mortgage. However, at Mortgage Express , we simplify the process. Our
     all-in-one Construction/Permanent Loan is a single loan that covers the entire process. So, you'll complete your
     paperwork only once and there will be only one closing, saving you a substantial amount in closing costs and
     recording fees. Mortgage Express is one of the few lenders in Maryland to offer this innovative program.

     

      Conforming Loan

     Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow
     the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase
     mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into
     securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a
     continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

     Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements,
     down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year. The 2007
     conforming loan limits for first mortgages are:

Loan Limits for	2007
One-Family	$359,650
Two-Family	$460,400
Three-Family	$556,500
Four-Family	$691,600

     The maximum loan amount is 50 percent higher in Alaska, Guam, Hawaii, and the Virgin Islands. Properties with five
     or more units are considered commercial properties and are handled under different rules.

     The 2007 loan limit for second mortgages is $179,825 (in Alaska, Guam, Hawaii, and the Virgin Islands, the maximum
     second loan amount is $269,725). The sum of the original loan amounts of the first and second mortgages cannot
     exceed $359,650 (or $539,475  in Alaska, Guam, Hawaii, and the Virgin Islands).

     

      Non-Conforming Loans

     Loans over $359,650 (Jumbo)
     Loans for more than this amount are called jumbo or non-conforming loans. They exceed the loan amounts allowed
     by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage
     Corporation) — two government-ponsored enterprises that help facilitate the availability of home loans by investing
     throughout the country.Non-conforming loans typically have a higher rate and different requirements for your down
     payment.  Getting your non-conforming loan at Mortgage Express gives you several key advantages: 
     Excellent product mix — we work with a number of investors to ensure we can meet all your borrowing needs.
     Fast processing (unlike traditional home loan lenders or banks that require a committee at corporate headquarters to
     review your loan, we can approve your loan right at your local Mortgage Express branch).
     Reduced documentation loans
     No income verification loans
     No down payment loans
     Investment properties and second homes can qualify

     

      Jumbo Loan

     Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans.
     Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than
     conforming, but the spread between the two varies with the economy.

     

      Home Equity Loan

     Home equity loans are fixed rate loans that leverage the equity in your home. The interest rate is fixed and so is
     the monthly payment—for the life of the loan.
     At settlement, you receive the full amount of the loan in a lump sum, and you can use the funds any way you like:
     to make home improvements, pay for college or medical care, take a vacation, or buy a second home.
     Home equity loans are often used to consolidate credit card debt, high interest auto loans, or high interest personal
     loans. Why? Home equity loan interest rates are nearly always much lower than the rate of interest you’d be paying
     on credit card debt—for borrowing the same amount of money!
     As a bonus, home equity loans are generally considered to be a tax-deductible expense. Please check with your tax
     advisor for details.  If you’d like more information about home equity loans, we invite you to contact us.

     

      Subprime Loan

     If you have bad credit, you may not qualify for a conventional loan or a low down payment loan offered by FHA and
     VA. In this case,  you may consider a subprime mortgage. Because of the higher risk associated with lending to
     borrowers that have a poor credit history, subprime loans typically require a larger down payment and a higher
     interest rate. You should study the specific terms of a subprime loan that you qualify for to determine if it is a loan that
     will help your financial situation. Subprime loans are one way for you to get into the home you want at today's price.
     If you already own a home, a subprime loan can give you an opportunity to clean up your credit and ultimately refinance
     into a lower rate at a later time. If you have a mortgage, you can look at refinancing more than what you currently owe
     on the house and get cash back for the equity you already have in the home. This cash out could be used to pay off
     higher rate credit cards, bankruptcy, foreclosure or collections and liens. It could be a good way to clean up a troubled
     credit history, save money each month and start rebuilding your credit worthiness.