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Home > Financial Services > Mortgage Brokers > Eclectic Mortgage Corporation
Eclectic Mortgage Corporation
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan, which is normally, the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
Eclectic Mortgage Corporation came about in 1996 due to the frustrations of working in a large company and not being able to consistently deliver the level of service that both the home buyer and Realtor expect and deserve.
Eclectic Mortgage Corporation is an independent Florida Licensed Mortgage Brokerage Business and members of both the Florida and National Association of Mortgage Brokers. They provide programs which contains Fixed Rate, Adjustable Rate, Balloon Fixed Rate, 2nd Mortgage and Hard Equity Programs. Fixed Rate program contains 30, 20, 15, or 10 Year Terms. In that loan consist of Conventional or Conforming Loans, Non-Conforming and Other Loans, Commercial Loans.
Conventional or Conforming Loans which is the largest category of loans meet guidelines set forth by FannieMae and/or FreddieMac where the minimum down payment for Owner Occupied properties is usually 3 percent for fixed and 5 percent for adjustable rate loans, but there are special programs allowing 0 percent down. The advantages are primarily lower monthly payments and the ability to qualify for a higher purchase price / mortgage amount. The required down payment is as little as 5 percent.
Hard Equity Programs are for extremely unique situations or when there are no other options. The loan to value can be as high as 70 percent, but usually is 65 percent. Typically there is no documentation required other than an appraisal by an appraiser or an opinion of value done by the Lender based on their property inspection. Rates are high on these programs due to the high risk for situations needing these types of loans.
Eclectic Mortgage Corporation tries to achieve their goal and helps their clients finance their dream of home ownership. They educate and guide the applicants, including the credit challenged, through the process of loan approval.
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