LoansAtWholesale primarily focuses on conventional loan products acceptable for purchase by Fannie Mae and Freddie Mac. The most popular of these programs are summarized below. Should you require special circumstance loans, we are able to assist you, however, we do not post these programs on our website, so you'll need to give us a call.

Conventional Loan Products:

10, 15, 20, 25 or 30 Year Fixed Rates:

All fixed rate products are amortized over the life of the loan and have the same payment month to month during the term. When your final payment is made at the end of the amortization period, there is no remaining balance due. There are no prepayment penalties.

5/25 or 7/23 Balloon:

Balloon loans, sometimes called Two-Step loans are fixed for the initial period. For example, a 5/25 Balloon will have a fixed interest rate for the first 5 years, based on an amortization of 30 years. At the end of the initial term, most of these loans have an option that will allow you to convert the loan to another fixed rate for the remainder of the 30-year period. In the example of a 5/25, should you exercise the option, your payment would be fixed for the final 25 years. There are no prepayment penalties.

Terms for determining the interest rate at time of conversion may vary from time to time, and from lender to lender, so be sure to ask before making a commitment. Generally, there are six requirements you must satisfy to be eligible for the conversion.

1. You must request the conversion, in writing, to the lender servicing your loan, not more than 60 days prior to the end of the initial term.

2. You will be required to pay a conversion fee: usually $250.

3. You must have been current on your mortgage payment for the previous 12 months.

4. There may not be any other liens against the property at the time of conversion.

5. You must still occupy the property in the same manner in which you did when the loan was issued.

6. The interest rate to which you will convert on the new term may not be greater than five percent (5%) higher than your interest rate on the initial term. Example: Initial term interest rate 6.00%, a) Conversion rate 11.5% - the loan will be due and payable, usually achieved by refinancing. B) Conversion rate 8.75% - the loan will be fixed at 8.75% for the final term.

Determining your conversion rate: Typically, your new rate will be based on the current Fannie Mae 60 day yield (widely published), plus a margin of .625%. Example: Fannie Mae 60 day yield = 7.125%, add .625%, your conversion rate would be 7.75%.

1 Year, 3/1, 5/1 or 7/1 Adjustable Rate Mortgage (ARM):

Adjustable Rate Mortgages have fixed interest rates for the initial period, either 1, 3, 5 or 7 years, and payments are based on a 30 year amortization. After the initial period, the interest rate will be adjusted and fixed for the following 12 months, and then adjusted again annually thereafter. At each adjustment period, your payment will be based on the then outstanding principal balance, scheduled to be fully amortized at the end of the 30th year from the commencement of the loan.

Each lender shall determine the index and margin that will be added to that index that will determine your adjusted interest rate. Each lender will also determine the maximum that your interest rate can be adjusted at the adjustment dates. Typically, there are initial caps, annual caps and lifetime caps. Before committing to an adjustable rate loan, please be sure you ask us for specific details about these specific loan terms.

Interest Only ARM

The interest only adjustable rate loan is very simple. For the initial term of the loan you will be responsible for paying the interest only due on the loan each month. There is no amortization or pay down of principal during the initial term unless you choose to add it to your monthly payment. After the end of your initial term, the loan will begin fully amortizing, with both principal and interest due on a monthly basis until the loan is paid off. You will have a total of thirty (30) years from the onset of the loan to pay your loan in full. For example: You have a 5 year interest only loan on a $150,000 loan. You pay interest only for the first 60 months (5 years) and beginning with month 61 you will begin to pay principal and interest on an amortization schedule that will bring your loan balance to zero at the end of twenty-five (25) years. There is no prepayment penalty on this loan.

When your initial loan term is concluded, your new interest rate will adjust annually based on the index, margin and caps initially agreed to at the onset of the loan. For specific details about current index, margin and caps for our interest only loan programs, please consult with one of our Personal Loan Advisors.