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SOME BANKS OFFER MORTGAGES...
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, and List and Lock programs.
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Construction Loans to 90%...Without PMI.
Build a home today with only 10% down. In this market, many programs have been eliminated. At First Federal of Lakewood, we understand that some loans just make sense. One of our hottest portfolio products is the construction loan. Just about every bank has eliminated construction or required 20% minimum down payment, including every large and mid-sized bank. With 10% down, we always have the 80/10 product, another one many Realtors would tell you doesn't exist anymore, but we have it...90% 80/10 options on our conventional loans, jumbo loans, and even the construction. Locked up to 9 months on a 30yr fixed rate, the interest rate is only .125% ABOVE the conventional 30yr base rate! That's right, a 30yr fixed up to 9 months and no points to close this loan! Need 9 or 10 months? That's fine, add another .125% and up to 12 months, another .125%. Find ANYONE that does this and I'll buy you lunch. Call for details on this amazing construction loan and APR.
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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 .25% to that, you could be at 4.5% (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.
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.
First off, First Federal's JUMBO 30yr is THE LOWEST rate you will find. We go up to 90% LTV, no PMI, and our rates are in the low-5% range! You won't find a single bank that can touch this. Have a 682, we can still do 90%...and keep your rate in the mid-5% range. But at FFL, we even have a lower jumbo long-term lock option. So, let's look deeper into a sample comparison to the 5/5 ARM (only an example):
>> Our 30yr Fixed Jumbo at 5.375% on $500,000 (75% LTV)= $2,799.86 (P&I only).
>> 5/1 Jumbo ARM (other banks) at 5.625% on $500,000 = $2,878.28 (P&I only)
>> FFL 5/5 ARM at 4.250% on $500,000 = $2,459.70 (P&I only)
***** SAVINGS IS $418.58 PER MONTH...AT LEAST $5,023 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.
 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 (3% cap). 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 add a 2nd or Equity Line 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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Home Modification Loans
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**
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