Services offered by Union National Mortgage Co.

Lending in:

• Residential Loans
• Commercial Loans
• Apartment Buildings
• Purchases
• Refinancing
• Mortgage Protection Insurance
• Mortgage Pre-approval
• Lot Loans
• Loan Consultation
• Aggressive Pricing
• Bankruptcy
• Credit Problems
• Timely Performance Rewards
• Construction Loans

Quick Links: Fixed Rate Mortgages Adjustable Rate Mortgages Caps Margin No Income Verification Loans No Ratio Verification Loans Low Down Payment Programs Conventional Mortgage Loans FHA VA
Fixed Rate Mortgages:
Principal and interest remains fixed for entire loan term. Your monthly payment would remain constant unless property taxes or hazard insurance would increase. We offer loans wiht terms of 10, 15, 20, 25 or 30 years. Generally speaking, the shorter the term the better the rate.
Adjustable Rate Mortgages:
Principal and interest payments will remain fixed for a set period, usually 1, 3, 5, 7 or 10 years and then will be adjusted at a fixed interval, usually annually. The interest will be tied to an index plus a fixed margin. The interest rate fluctuations are controlled by rate caps (annually and over the life of the loan). An advantage of choosing an adjustable rate mortgage over a fixed rate mortgage is that it can allow you to qualify for a larger loan.
Caps:
- Consumer safeguards on an adjustable rate mortgage which limit the amount monthly payments may change.
Margin:
- The spread between the index and the mortgage interest rate.
No Income Verification Loans:
- These loans allow borrowers to be qualified based on credit performance and assets ignoring income entirely. Program available with 20% equity or down payment.
No Ratio Verification Loans:
- These loans allow borrowers to be qualified based on credit performance and assets ignoring income entirely. Program available with 20% equity or down payment.
Low Down Payment Programs:
Union National offers a wide array of low down payment programs form 0% - 5% down based primarily upon credit performance and employment history.
Conventional Mortgage Loans:
Union National has been an approved seller/servicer with Fannie Mae since 1987. We offer over 30 different mortgage options to our customers both Fannie Mae saleable and portfolio (non-saleable) loans.
FHA:
Union National has been an approved FHA lender since 1971. FHA is a low down payment program that offers the customer some flexibility on credit issues. Union National closed over 60 million dollars worth of FHA loans in 1998. We are the experts in FHA lending.
VA:
Union National has been an approved lender since 1983. Va is a "no downpayment program" (not including closing costs and prepaids) for Veterans. VA also allows some flexibility in credit and qualifying for the veteran.