...the right loan, the first time...
The Mortgage Works Inc offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
30 Year Fixed Conventional
15 Year Fixed Conventional
30 Year Adjustable 3/1, 5/1 or 7/1
Federal Housing Administration(FHA)
Veterans Administration (VA)
VA IRRRL and FHA Streamline
Jumbo and High Balance
A word about interest rates.
A word about credit scores.

30 Year Fixed Conventional

This product is the most common loan in today's marketplace.  It offers lower payments along with the certainty of interest rates which are fixed for 30 years.  There are no penalties for early payoff and escrows are provided for the payment of taxes, homeowner's insurance and mortgage insurance if applicable.  Loans are available in amounts up to 80% of the purchase price or appraisal value without mortgage insurance - and up to 97% with mortgage insurance.

Term: 30 years   Maximum Amount: $417,000
 

 


15 Year Fixed Conventional

This product is designed to payoff the principal loan balance in half the typical time.  Payments are higher because of this and interest rates are somewhat lower.  Interest rates are fixed for 15 years.  There are no penalties for early payoff and escrows are provided for the payment of taxes, homeowner's insurance and mortgage insurance if applicable.  Loans are available in amounts up to 80% of the purchase price or appraisal value without mortgage insurance - and up to 95% with mortgage insurance.

Term: 15 years   Maximum Amount: $417,000
 

 


30 Year Adjustable 3/1, 5/1 or 7/1

 

This product is most common in situations where you may intend to stay in your home for a shorter time frame or if you just want to take advantage of lower initial payments.  These offer lower payments which are initially fixed for 3,5 or 7 years and then the loan would change to an adjustable rate mortgage.  Caps are in place so that each change cannot exceed a set amount for the initial reset and all subsequent resets.  There are no penalties for early payoff and escrows are provided for the payment of taxes, homeowner's insurance and mortgage insurance if applicable.  Loans are available in amounts up to 80% of the purchase price or appraisal value without mortgage insurance - and up to 95% with mortgage insurance.

 

 


Federal Housing Administration(FHA)

Federal Housing Administration (FHA) loans combine a low down payment or equity position along with long term fixed interest rates for 30 years.  Qualifications for FHA can in many cases be easier that those for conventional loans.  This product generally works well for First Time Home Buyers and allows lower credit score requirements,  co-signors, higher debt ratios, lower reserve requirements and Down Payment Assistance.  There are no penalties for early payoff and escrows are provided for the payment of taxes, homeowner's insurance and mortgage insurance.  Loans are available in amounts up to 96.5% for purchase and 97.75% for refinance and the maximum amount depends on the County where your home is located.  Mortgage insurance is required upfront (UFMIP) and during the term of the loan (MIP).  Please call for specific details.

Term: 30 years   Maximum Amount: $406,250
 

 


Veterans Administration (VA)

First of all THANK YOU FOR YOUR SERVICE!      

Veterans Administration (VA) loans allow a ZERO down payment or equity position along with long term fixed interest rates for 30 years.  These are guaranteed by the VA and NO mortgage insurance is required. A Funding Fee is paid to VA at the time the loan is originated.  Qualifications for VA can in many cases be easier that those for conventional loans.  You must have eligibility for this program - generally military service and an honorable discharge.  This product generally works well for First Time Home Buyers and allows lower credit score requirements,  higher debt ratios, no reserve requirements and no down payment.  There are no penalties for early payoff and escrows are provided for the payment of taxes and homeowner's insurance. The maximum amount depends on the amount of your Eligibility.  Please call for specific details.

Term: 30 years   Maximum Amount: $417,000
 

 


VA IRRRL and FHA Streamline

The VA Interest Rate Reduction Refinance Loan (IRRRL) and the FHA Streamlined refinance are designed to allow refinancing of loans in many cases without having to re-qualify.  There MUST be a defined benefit before the loan is allowed.  Cash out is typically not allowed as this is designed to be a balance only refinance.  Appraisals, pay statements and bank statements might be required, but not in every case.  Maximum loan amounts apply per each program guideline.  Please call for specific details.

Maximum Amount: $417,000
 

 


Jumbo and High Balance

Jumbo loans and High Balance loans are available up to unlimited amounts - typical transactions are shown at a maximum of $2,000,000 and are available on a case-by-case basis in higher amounts.  Interest rates are generally fixed for 30 years, but can be made available in Adjustable Rates (ARM) or in shorter terms.  There are no penalties for early payoff and escrows are provided for the payment of taxes, homeowner's insurance and mortgage insurance if applicable.  Terms vary by property type, amount, LTV, credit score, debt ratio, reserves and several other investor driven concerns.  Programs and scenario quotes are case-by-case - please call for specific details.

Term: 30 years   Maximum Amount: $2,000,000
 

 


A word about interest rates.

Interest rates quoted on this website are SAMPLES ONLY and Annual Percentage Rates (APR) are not provided as there are too many specific factors required to give you a proper and legal answer to the question "What is your rate?".  There is not enough space allowed here to provide all of the needed disclaimers.  :)  Please call for your individualized quote.

 

Interest rates are market driven and change on at least a daily basis.  There are many factors which determine the interest rate you will receive.  Some of these include type, term and amount of loan; your credit history, scores and amount of credit; down payment, equity and appraisal value; your debt ratios, debt structure and reserves - along with other factors like the availability of Automated Underwriting approval(s), products and marketplace.

 

 


A word about credit scores.

Credit scores will be obtained for each applicant from Equifax, Experian and Transunion.  Qualification is based on the lowest middle score for all applicants.  There are minimum score requirements and not all applicants will qualify.  These scores in most all cases will have an effect on the types of available loans and the interest rates you will receive.  Typically those applicants with higher credit scores will receive lower rates.  Adjustments to the rate you receive will be product specific.  We are not credit reporting agency and cannot give you a copy of your credit report. 

 

 




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $2,000,000 with closing costs of $40,000. Your actual APR may be different depending upon these factors.