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Residential Programs

Fixed Rate Loans

Sequoia Pacific Mortgage Company offers fixed rate mortgages in terms ranging from 10 to 30 years. The fixed rate mortgage is the traditional method for borrowers since the principal and interest payments are amortized over the term of the loan so that each monthly payment is equal. The advantage of a fixed rate mortgage is that your principal on the loan will be the same for the life of the loan.

A Balloon Mortgage is a cost saving loan for borrowers who plan to move in 5 or 7 years. This loan features fixed equal monthly payments for an initial 5 or 7 years, at which time the balance of the loan becomes due. At the time or before, the borrower can refinance the loan or sell the home to pay the remaining balance of the loan. Some balloon mortgages feature a conversion option at the end of the initial period. If the borrower qualifies and elects to convert, the loan will be extended for the remainder of the term at current rates

 
  • 30 Year Fixed Rate
    • The 25 to 30 year purchase and refinance programs are non assumable loans that are available with conforming and jumbo maximum loan amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.


  • 20 Year Fixed Rate
    • The 20 year purchase and refinance program is non-assumable. This program is available with conforming and jumbo maximum loans amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.


  • 15 Year Fixed Rate
    • The 10 to 15 year purchase and refinance programs are non assumable loans that are available with conforming and jumbo maximum loan amounts. Eligible properties include single family residences, 2 to 4 units, PUD's and condos, second homes and investor properties.


  • 30 Due in 5 Balloon Loans
    • The 30/5 Balloon program is a 5 year term with 30 year amortization. This fixed rate, fixed payment mortgage is non assumable and includes conditional refinancing criteria. Eligible properties include single family residences, PUD's and condos.


  • 30 Due in 7 Balloon Loans
    • The 30/7 Balloon program is a 7 year term with 30 year amortization. This program is available with conforming loan amounts. This fixed rate, fixed payment mortgage is non assumable and includes conditional refinancing criteria. Eligible properties include single family residences, PUD's and condos.

    • Adjustable Rate Loans

    Sequoia Pacific Mortgage offers adjustable rate mortgages for a 30 year term. With an adjustable rate mortgage (ARM), the interest rate and payment amount can increase or decrease only at pre-determined intervals.

    In general, adjustable rate mortgages (ARM'S) tend to be less expensive over the life of the loan than fixed rate loan, especially in the first years. this is because the lender is willing to charge lower initial interest rates for the ARM'S because the borrower is sharing part of the risk should interest rates rise.

    Additionally, the lower entry rate of an ARM can often allow the borrowers to qualify more easily for a loan or for a more expensive home.

     
  • 1 Year Treasury
    • This is a 30 year purchase and refinance program that is assumable. This program is available with conforming and jumbo loan amounts. This loan has a lifetime cap of 6% above the initial rate with an annual cap of 2%. The interest rate adjustment occurs 12-14 months after the first payment and every year thereafter. Eligible properties include single family residences, 2 to 4 units, PUD's and condos.


  • 3/1 Treasury
    • This is a 30 year purchase and refinance program that is assumable. This program is available with conforming and jumbo loan amounts. The first interest rate adjustment occurs 36 months after the first payment with a first adjustment cap of 2% and an annual cap of 2% every year thereafter. This loan can have a lifetime cap as low as 6% and as high as 8% over the initial start rate. Eligible properties include single family residences, 2 to 4 units, PUD's and condos.


  • 5/1 Treasury
    • This is a 30 year purchase and refinance program that is assumable. This program is available with conforming and jumbo loan amounts. The first interest rate adjustment occurs 60 months after the first payment with a first adjustment cap of 2% and an annual cap of 2% every year thereafter. This loan can have a lifetime cap as low as 3% and as high as 10% above the initial rate. Eligible properties include single family residences, 2 to 4 units, PUD's and condos.


  • 7/1 Treasury
    • This is a 30 year purchase and refinance program that is assumable. This program is available with conforming and jumbo loan amounts. The first interest rate adjustments occur 84 months after the first payment with a first adjustment cap of 5% and an annual cap of 2% every year thereafter. This loan can have a lifetime cap as low as 3% and as high as 10% over the initial rate. Eligible properties include single family residences, 2 to 4 units, PUD's and condos.


  • 10/1 Treasury
    • This is a 30 year purchase and refinance program that is assumable. this program is available with conforming and jumbo loan amounts. The first interest rate adjustment occurs 120 months after the first payment with a first adjustment cap of 5% and an annual cap of 2% every year thereafter. This loan can have a lifetime cap as low as 5% and as high as 10% over the initial rate. Eligible properties include single family residences, 2 to 4 units, PUD's and condos.
     

    • Last Updated:  04/19/2002