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Loan Types

Individual Taxpayer Identification Number (ITIN)

At SLM Group, we understand that the path to homeownership should be open to everyone, regardless of their unique financial circumstances. That’s why we’re proud to introduce our distinctive ITIN (Individual Taxpayer Identification Number) loan program, designed for individuals who don’t qualify for traditional loans and may not have the funds for non-QM (Non-Qualified Mortgage) loans.

Contact us today to learn more about our ITIN loan program and take the first step toward unlocking the door to your very own home.

This revised statement specifically highlights the ITIN loan program and underscores its accessibility and affordability for individuals with ITINs who may not qualify for traditional loans. It invites potential clients to explore this unique opportunity offered by SLM Group.

Our ITIN loan program is tailored to individuals with ITINs, including those who face challenges with traditional mortgage eligibility. We believe that financial stability and the dream of owning a home should transcend immigration or residency status.

One of the standout features of our program is the opportunity for eligible applicants to secure their dream home with a minimal 3.5% down payment. We’re committed to making homeownership more attainable, and this reduced down payment requirement can be a significant step toward that goal.

At SLM Group, we don’t just offer a loan program; we provide comprehensive guidance and support throughout your homeownership journey. Our team is dedicated to assisting you in navigating the complexities of the mortgage process, ensuring that you’re equipped with the knowledge needed to make informed decisions.

If you’ve been searching for a solution to achieve homeownership with your ITIN, look no further. Our ITIN loan program is designed to provide a clear and affordable path to making your homeownership dreams a reality.

Tailored Non-QM Loan Solutions for Your Purchase

At SLM Group, we provide a diverse range of Non-QM (Non-Qualified Mortgage) loan options to perfectly match your purchase requirements. Our suite of non-QM solutions includes:

No matter your purchase scenario, we have a Non-QM loan solution that can be customized to fit your unique needs. Explore our range of flexible financing options designed to make your purchase goals a reality.

Designed to consider Debt Service Coverage Ratio for your purchase needs.

A specialized solution catering to your unique property investment goals.

Tailored to the needs of international buyers.

Providing comprehensive documentation options for your specific situation.

Ideal for those with 1099 income documentation.

 Offering flexibility for borrowers with varying income sources.

Your Mortgage Solutions, Tailored to You

With SLM Group, you have access to a comprehensive suite of mortgage solutions, each tailored to your specific situation and homeownership goals.

We offer a diverse range of mortgage products to match your specific needs:

Traditional, flexible financing options.

Government-backed loans with low down payment requirements.

Unlock the equity in your home for financial security.

Designed exclusively for eligible veterans and active-duty service members.

Ideal for rural homebuyers, offering 100% financing.

Strategies to help you optimize your existing mortgage.

Offering flexibility for borrowers with varying income sources.

Combine your purchase or refinance with home improvements.

Fixed-Rate Loans

What is a Fixed-Rate Mortgage?
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time. A fixed-rate mortgage is the most popular type of financing because it offers predictability and stability for your budget.

Fixed-rate loans can either be conventional loans or loans guaranteed by the Federal Housing Authority (FHA) or the Department of Veterans Affairs (VA).

Fixed-rate mortgages are characterized by amount of loan, interest rate, compounding frequency, and duration. With these values, the monthly repayments can be calculated.

Each month’s payment is equal to the interest rate times the principal, plus a small percentage of the principal itself. Since a bit of the principal is paid off each month, that makes the interest payment on the remaining principal a little less too. As a result, more of your monthly payment goes toward the principal each month. Therefore, at the beginning of the loan, most of the payment goes towards interest while most of it goes towards principal at the end of the loan.

There are varying risks involved for both borrowers and lenders in fixed-rate mortgage loans. These risks are usually centered around the interest rate environment.

Advantages of Fixed-Rate Mortgage

You don’t have to worry about future higher payments like you do with an adjustable-rate mortgage.

Even if mortgage rates increase, economic factors fluctuate or your personal financial profile changes, the interest rate on your mortgage remains the same.

A fixed-rate mortgage offers more flexible mortgage term options than other mortgage programs.

Mortgages without prepayment penalties allow you to shorten the term of the loan at will (and lower the ultimate interest cost) by making periodic payments against principal.

Drawbacks of Fixed-Rate Mortgage

You pay off the principal at a slower rate than with an adjustable-rate loan because the payments over the first few years primarily go toward interest.

If interest rates go down you must refinance your mortgage to benefit from the lower rate.

Fixed-Rate FAQs

Mortgage points, or discount points, are a way to prepay interest to get a lower interest rate on your mortgage. Each mortgage point equals 1% of your home’s value. In most cases, a point can reduce your interest rate by one-eighth to one-quarter of a percent.

Paying your bills on time, reducing your credit balances, and trying to not apply for credit too often are all ways that you can raise your FICO score.

Pre-qualification is a determination of the loan amount you’re likely to receive. To obtain pre-qualification, you usually are interviewed by a licensed loan officer who determines the pre-qualification amount. On the other hand, to be pre-approved, you must submit an application and verify your credit and financial history. After you receive your pre-approval certificate, you’re in a stronger position to close earlier and negotiate a better price.

The alternative would be an adjustable-rate mortgage, in which the interest rate applied on the outstanding balance varies throughout the life of the loan.

A fixed-rate mortgage is an attractive option for borrowers who plan to stay in their home for several years. The alternative to the fixed-rate mortgage is the adjustable-rate mortgage (ARM), which features lower monthly principal and interest payments during the first few years.

ARMs are fixed and variable rate hybrids. These loans are also usually issued as an amortized loan with steady installment payments over the life of the loan. They require fixed-rate interest in the first few years of the loan followed by variable rate interest after that. Amortization schedules can be slightly more complex with these loans since rates for a portion of the loan are variable. Thus, investors can expect to have varying payment amounts rather than consistent payments as with a fixed-rate loan.

While many prefer the security of a fixed-rate loan, an ARM may be a better choice – especially if you know you’ll be moving within the next several years. As always, be sure to consider all of your options and go with the one that’s right for your financial situation.

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