Loan Types

Conventional Purchase Mortgages

This loan is for a borrower who has a minimum 5% down payment towards the purchase of a new home. It allows the seller to pay for some if not all of the borrower's closing costs. Avery Financial Group has some of the lowest rates available for this "plain vanilla" type of home loan.

Rate/Term Refinance

This loan is generally used to get a borrower a lower rate on their existing mortgage. It allows a borrower to finance the amount of a borrower's existing mortgage, their closing costs and up to 2% of the loan amount or $2,000, whichever is less, in cash back. The rates on these home loans are the same as on a conventional purchase mortgage.

Cash Out Refinance

This mortgage allows a borrower to refinance their existing home loan and take cash out to pay off other consumer loans such as credit cards, car loans or student loans. It also allows a borrower to use the cash for home improvements. We offer loans up to 100% of the value of a home for these types of home loans. The rates on these loans, depending on the LTV, can be slightly higher than a conventional purchase mortgage.

Reverse Mortgage

A Reverse Mortgage will enable you, a homeowner at least 62 years of age, to borrow against the equity in your house. You will get paid back a portion of the value that you have already invested in your home --- that's the "Reverse" part. Click here to learn more

Construction Loan

A short term loan that is used to finance the construction of a new home.  During the term of the loan the lender makes payments to the builder as the work progresses and the borrower makes interest payments on only the funds that have been disbursed to the builder. The rate on the short term construction loan will be adjustable. Once the home is complete, the balance of the construction loan is either refinanced or rolled into a long term loan of the borrower's choosing. This could be another type of ARM or a fixed rate loan.

First Time Homebuyer Loans

We offer many different zero-down payment home loan programs that are perfect for first time homebuyers - Fannie Mae, RDA and IHA loans to name a few. We even have grant programs available to help a first time homebuyer pay their closing costs.

VA Loan

A mortgage for veterans and service persons.  The loan is guaranteed by the Department of Veterans Affairs (VA) and requires low or no down payment. The borrower is not required to pay monthly mortgage insurance, thus lowering the monthly mortgage payment.

Lot Loans

Have you found the perfect lot to build on but are not quite ready to start the building process? We can finance just the purchase of your lot for you.

Home Equity Loans

This is a second mortgage and can either be a home equity loan, which has a closed end term and a fixed rate, or a home equity line of credit, which has an open end line or credit (kind of like a credit card but it is secured on your home) and a variable rate. These loans are popular for home improvements, debt consolidation or to finance college education.

Non-Prime Loans

Sometimes called sub-prime or B/C credit loans, these loans are for borrowers whose credit has some blemishes. We offer loans to borrowers with a bankruptcy, foreclosure, collections or judgments. We even offer credit counseling to help borrowers improve their credit scores.

Hard Money Loans

Also called private money loans, these home loans are for borrowers who do not qualify for conventional or conforming financing due to credit, but do have equity in the home they are purchasing or refinancing.

Manufactured/Mobile Home Loans

We offer financing on manufactured or mobile homes as long as they are not older than 15 years. Single wide, double wide, on a foundation, not on a foundation, on a lot or in a mobile home park, we can finance them!

Fixed Rate Mortgage

This is a home loan in which the monthly principal and interest payments remain the same throughout the life of the loan.  It can be a purchase or a refinance. The interest rate will never change as long as you keep this loan. The most common terms are 30 and 15 years.  With a 30-year fixed rate mortgage your monthly payments are lower than they would be on a 15 year fixed rate, but the 15 year loan allows you to repay your loan twice as fast and save more than half the total interest costs.

Adjustable Rate Mortgage (ARM)

This is a home loan that allows the lender to adjust the interest rate during the term of the loan.  It can be a purchase or a refinance. Generally, the adjustments are determined by a margin and an index. The interest rate can go up or down and is based on market conditions at the time of the change.  Most often these interest rate changes are limited by a rate change cap and a lifetime cap. Depending on the type of ARM chosen, the rate could adjust as soon as the first month payments begin or as long as 10 years after the first payment, or any time in between. For example, on a 3/1 ARM, the rate will begin to adjust 3 years after the first payment and then every 1 year thereafter.