Services...


Loan Programs

The following is a partial list of programs offered by Citizens Financial Mortgage with a brief description of the key elements.

• FIXED RATE MORTGAGES: The most common type of mortgage program where your monthly payments for interest and principal never change.
• ADJUSTED RATE MORTGAGES(ARM): These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
• BALLOON MORTGAGES: Short term mortgages that have some features of a fixed rate mortgage.
• INVESTOR/RENTAL PROPERTY: Buyers who are looking to generate rental income by purchasing these types of properties. Multiple property ownership is allowed under certain programs.
• SECOND HOME: A program for the homebuyer wishing to purchase a vacation home.
• NON-CONFORMING: For customers with bruised credit or very high debt ratios.
• NO INCOME VERIFICATION: This offers the self employed borrower or special borrower who wish not to provide tax returns, P&L's, or pay stubs to get financing.
• CONSTRUCTION/PERM: Offers a one time closing for those who are building their homes themselves. During construction the loan is at a floating rate, which is converted to a fixed or adjustable rate after completion.
• REVERSE MORTGAGES: A Special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance other needs.
• LONDON INTER BANK OFFERED RATE (LIBOR): LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London.
• COST OF FUNDS INDEX (COFI): The ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month.