Are you looking for a Florida mortgage company that can provide non-qualified mortgage (non-QM) loans? Mortgage Queen Florida LLC is here to help. Non-qualified mortgages are mortgages that don’t meet the standard criteria set forth by the Consumer Financial Protection Bureau (CFPB). While these types of loans may have stricter borrowing standards and higher interest rates, they can provide more flexible options for borrowers with unique financial histories or needs. Learn more about the different types of non-QM loans available and reach out to our Florida mortgage company today!
What Are the Different Types of Non-Qualified Mortgage Loans?
Adjustable Rate Mortgage
Adjustable Rate Mortgage (ARM) Loans are non-qualified mortgages that allow you to adjust your interest rate as conditions in the market change. These loans offer flexibility and savings for those who want to reduce their monthly payment or refinance their current loan. ARM loans appeal to borrowers who plan to stay in their homes for a short time or who are uncertain if they will be able to make their payments over the long term.
Interest-Only Mortgage
Interest-only mortgages (IOM) are non-QM loans that allow borrowers to only pay interest for a set time. This type of loan is great for those who want to free up cash flow by decreasing their payments during a portion of the loan term. IOMs can also help borrowers with lump-sum expenses due to remodeling or renovation projects.
Asset-Based Mortgage
Asset-based mortgages (ABM) are non-QM loans that are secured by assets other than the borrower’s home. This type of loan may appeal to borrowers with a limited credit history or who have difficulty proving their income. ABMs can be used to purchase other types of real estate, such as commercial properties, vacation homes, and rental units.
Piggyback Mortgage
Piggyback mortgages are non-QM loans that combine two mortgages into one. This type of loan is great for those who don’t have enough equity in their home to qualify for a conventional mortgage, but still want to purchase a property. Piggyback mortgages enable borrowers to finance more than 80% of the home’s value without having to pay for private mortgage insurance.
At Mortgage Queen Florida LLC, we understand that there are many types of non-qualified mortgage loans available and we’re here to help you better understand the options. Our experienced loan officers will work closely with you to identify which type of loan best fits your needs and financial situation. Contact us today to learn more about how we can provide you with the best non-qualified mortgage loan product possible.