SOME BANKS OFFER LOANS...

AT FIRST FEDERAL LENDING, WE offer loans for just about any situation, including our unmatched Portfolio Products...yeah, We've got a loan for that!

Whether you need a loan for your elderly parents, but don't want to pay the investment property costs or you're looking to build a new home and get a good rate, we have the programs to help you reach your goals.  Our promise is to fit families into the best possible loans, even when yours is outside the box.  Sure, we have the best rates in the business and low costs, but sometimes, a situation doesn't fit.  Let me go the distance to have our loan commitee take a look.  Even better, these programs below are the specialties of First Federal Lending.  LOANS BELOW include Physician Loans, Construction, Our Exclusive 5/5 ARM, Family Loan, Jumbo, Lock and Look, and List and Lock programs. 

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Resident and Post Resident Physicians...$0 Down and NO PMI! 

For the Resident or Post-Resident, we have a loan that is unmatched!  Add .50% to one of our core FFL portfolio products and you can receive a loan at 100% LTV, without any PMI!  Imagine, a 5/5 Jumbo purchase and let's use an example rate of 4.25% to start.  This rate goes to $650,000 without any adjustments!  But, if you are a Resident and you add .5% to that, you could be at 4.75% (example) and not pay PMI.  Even with scores below 740, we can do 95% for Doctors.  This is available up to $1 Million.  We also offer this product without closing costs.  First Federal Lending retains the servicing of your mortgage, as well.  More details at PLoeb@FFL.net

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The NEW Jumbo Loan...up to $1,000,000 on a Program and Rate UNMATCHED!  But THIS 5/5 ARM Loan is not just for jumbo loans.  And JUST ADDED:  2-1 Buydown at 2.25%!!

At First Federal Lending, we know there are certain restrictions in the lending environment compared to just a few years ago.  One of the toughest is the loans offered to those with a loan amount above $417,000, the conventional loan cut off in Ohio.  Just take a look at the differences for a loan at $500,000.  Adding just .125% to this loan is $41 per month!  That's almost $15,000 for the life of the loan and this is only an .125% to the rate.

So, let's look deeper into a sample comparison to the 5/5 ARM (only an example):

>> 30yr Fixed Jumbo Loan at 5.99% on $500,000 (75% LTV)= $2,994.54 (P&I only).

>> 5/1 Jumbo ARM at 5.625% on $500,000 = $2,878.28 (P&I only)

>> FFL 5/5 ARM at 4.990% on $500,000 = $2,681.05 (P&I only)

***** SAVINGS IS $313.49 PER MONTH or up to $3,761.88 per YEAR!! ******

These are examples and rates change daily, so call for accurate interest rates and APR. The current 5/5 ARM is at 4.25%.  This is a unique loan to FFL only.  But what is a 5/5 ARM?  Well, a regular 5 year ARM (known as a 5/1 mostly) is fixed for 5 years at the same rate, but after the first 5 years, it will adjust every 6 months or 12 months, depending on the type of ARM.  A 5/5 ARM at First Federal Lending is fixed for 5 years at the same rate, makes an adjustment (*) and then is fixed at that rate for another 5 years.  After that 5-year period, it can adjust again one time and is locked again for another 5 years without changing.  This loan follows the less volitile 5-year Treasury Index.

But NOW...a Jumbo loan, purchase or refinance, that starts at 2.250%!  For just ONE discount point, your rate will be 2.250% for the first year, 3.250% for the second year, and 4.250% for the 3rd, 4th, and 5th years before the first adjustment (max $650k loan, .125% higher rate for loans up to $800,000).  There's only one adjustment to this interest rate on the 5/5 ARM in the first 10 years and it will be fixed for 5 more years (2% cap).  In the first 12 months, you will save more than it will cost to buy this down!  NO ONE can match this program. Call now for APR and information.

Please call me for more details on this product and start saving now!  Oh, and this isn't just for the Jumbo loans or purchase loans...this may be used on any loan size, purchase or refinance.  And, even better, if you open an account with First Federal of Lakewood, we will offer you a .25% OFF of the current rate!  We aren't kidding...it's called the Advantage Program!  If you owe over 80%, that's fine, too...we can offer an 80/10 option.  More details at PLoeb@FFL.net. 

(*) Adjustments are made based on the current 5-year treasury index and adding the margin (2.50%) to the current index, rounding the number up to the next .125%.  Example would be the 5-year treasury at 3.138% + the margin at 2.50% = a new rate at 5.438% or 5.50% as a rate of interest for the next 5 years.

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Family Loans - Buying For Parents or Children Just Saved You The Investment Property Adjustments!

These days, some families find themselves in a position of purchasing another home for a family member, only to find out that the investment property charges from Fannie Mae can be quite costly.  Well, First Federal Lending says it again:  "We've got a loan for that!"

Now, you may buy a second home, even right next door for a family member and not pay the numerous points.  This is not a 30-year fixed loan, obviously, as we will portfolio this loan, but the same 20% down one would pay for that invesment can now have ZERO points and the rate on that 5/5 ARM is 5.375% (base APR at 5.340%).  What this means for you on a $200,000 loan is a savings of $6,000!  If you would like more information, please call, but we do not offer 30-year fixed loans on this product. 

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List and Lock - List Your Home With a Realtor and Lock In a LOW RATE to Sell As a Part Of The Sale!

Imagine you list your home on June 1 and by the 15th, interest rates go up .5%.  That would change your home's appeal on payment for some families.  Now, you can lock in a low rate (90 day period) on your home and list it on the market with a great low rate that is secured.  Obviously, the new buyers must qualify, but it keeps you from losing great low rates and could be a wonderful selling tool.  Just think...those larger homes that fall into a jumbo interest rate:  YOU could list this home at 3.375% on that 2-1 Buydown with 20% down and YOU, as the seller, could PAY that point for the buyer as an incentive.  Can you possibly think of a better selling tool?  Call me for more information.

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Lock and Look - Stop Worrying About Interest Rates!

If you're worried about rates climbing, you may end those fears by locking a low rate for 90 days (60 day search period) and looking for a home.  How?  Well, we don't require a specific address to lock in a rate.  So, now you may take advantage of the current low rates and lock before you even have a home.  Call for details.

Since 1935...   We've Been Here. We'll Be Here.

**Neither myself nor First Federal Lending know or recommend any of the links below that are required to be a part of this site.  Please check with me for more information or referrals before going to these links**