Products & Services
The following is a partial list of programs offered by Thomson Mortgage Services, LLC with a brief description of the key elements of each. For a complete list of the product offerings, please contact us at 860 621-8005.
- Fixed rate mortgages
- Adjustable rate mortgages
- Reduced Documentation mortgages
- Interest Only
- 100% financing
- 80/15/5 mortgages
- Jumbo loans
- Second mortgages
- Non-conforming loans
Fixed interest rate mortgages provide you with the security of a fixed interest rate and a standard monthly payment for the life of your loan.
An adjustable rate mortgage (ARM) typically starts the interest rate lower than the current fixed market rates. After the initial period when your rate is locked, your monthly payment will gradually increase or decrease based upon a market sensitive Index throughout the life of your loan. The margin, which remains fixed through the life of the mortgage, is then added to the index to determine your rate for the next payment interval. We offer a variety of different adjustable rate mortgages to meet your specific financing needs.
REDUCED DOCUMENTATION MORTGAGES
These are mortgages in which income, assets or employment may not be required. There are several variations to the reduced doc loan. The type of loan that is best suited for a particular borrower depends on that borrower’s situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. With all the different variations of the reduced doc loan there is definitely a mortgage program for today’s non-conventional borrower.
These are mortgages that allow a borrower to pay the interest only portion of their payment for a set period. This enables them to qualify for a larger mortgage amount and allows them to pay a lower monthly mortgage payment, usually for the 1st 10yrs.
100% FINANCING / NO DOWNPAYMENT
Saving enough money for a down payment can be a difficult task. Or maybe you have enough money for a down payment, but would like to put your money towards investments, new furniture, home improvements, etc. In response to your needs we offer several loan programs with no down payment and 100% financing options.
This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid mortgage insurance or to keep your first mortgage under the conforming limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage of 80% of the sales price and uses a second mortgage to finance the remaining 15%. Other variations are 80/10/10 or 75/15/5.
These are mortgages that exceed the conforming loan limits (currently $417,000 for a single family residence). Jumbo rates are typically higher then the conforming rates. We offer the same product menu for the jumbo’s as we do with the conforming (ie: fixed rate, adjustable rate, interest only, reduced doc loans, etc.)
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvements, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
NON-CONFORMING / SUB-PRIME LOANS
These mortgages are for borrowers with less-than-perfect credit. Interest rates as well as loan to value requirements vary based on the severity of the credit problems. Regardless of your situation, we have a mortgage that will get you back on track.
