Perna & Associates
Mortgage Solutions

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CONVENTIONAL LOANS

USDA  LOANS

FHA LOANS

VA LOANS

JUMBO LOANS

COMMERICAL LOANS 

Office:

135 S MAIN STREET, COOPERSBURG, PA 18036

(610) 282-2858                        (866) 857-7267

Fax: (610) 282-3858

Email:

cathy@pernamortgage.com

Directions:

From Route 309 in Coopersburg, turn at traffic light onto E. Station Ave. (Turkey Hill on corner).  Turn left onto S. Main Street and we are at the end of the block on the corner of Main and Thomas Streets on the left hand side. Take a left on Thomas street and parking is in rear of property.

135 S. Main Street in Historic Coopersburg!

"What is the advantage of dealing with The Perna Team?"

Our access to loan products and programs from many different lenders has two major advantages.  First, we are more likely to find a loan that will meet your specialized needs than a single lender could offer.  The market is subdivided into countless "niches" and no single lender offers loans in every niche. 

For example, many lenders won't offer loans to borrowers with, what we call, "credit glitches", borrowers who are self-employed, borrowers who may have limited funds for a down payment, and the list goes on and on.

 But there are lenders in every one of these niches, and we will find the loan that fits your individual needs. 

 The second advantage of dealing with The Perna Team is that we are experts at shopping the market.  We are far better positioned than consumers to select the best deal available from competing lenders.   

We COMPETE to ensure that YOU WIN!

 

 

 
Purchases
Refinance
Conforming Loan
Jumbo Loans
Construction Loans
Debt Consolidation
Home Equity
Home Equity Loan
Home Equity Line of Credit (HELOC)
Fixed Rate Mortgage
Adjustable Rate Mortgages (ARM)
Balloon Mortgage
Piggyback Mortgage/Combo Loans
Second Homes
Investor Properties
Commerical Properties
First Time Home Buyer
Self Employed
Imperfect Credit
Prepayment Penalty
Escrow
Zero Down
Commercial Loans

Purchases

Taking new ownership, whether buying a Primary Residence, a Second Home, an Investment property or a Commercial Property, we have programs to meet your needs.  Interest rates and programs are based on your income, credit and liquid assets available.


Refinance

This is paying off an existing mortgage while simultaneously taking a new one.  This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate on the existing mortgage.  It may be done to raise cash, as an alternative to a home equity loan, or it may also be done as a debt consolidation loan to reduce your total monthly payment outlay.


Conforming Loan

A term generally used to describe a mortgage that meets the industry standards with a loan amount not to exceed $417,000.


Jumbo Loans

A term that generally describes a mortgage that meets the industry standards and has a loan amount of $417,001.00 or greater.


Construction Loans

A traditional mortgage is based on an existing or newly built home that is totally completed.  A construction loan is based on the "end product" and pays the builder "draws" upon completion of several phases of the construction process.  Down payments can be as little as 5% of the combined lot and home value.  Usually a 6 month construction period - your payments are interest only during this time.  At the end of construction, loan typically converts to a fixed mortgage for the term you select.  If you already own the land (for at least 12 months), you may do the mortgage as a refinance, and include closing costs in the loan amount.


Debt Consolidation

Rather than being a type of loan, "debt consolidation" is the actual purpose for obtaining a mortgage.  A debt consolidation can be structured as a first or second mortgage loan depending upon several factors such as:  debt to income ratio; equity available in your home; your credit history, and how long you would like to take to pay your debt off.  Reasons for debt consolidation would be: high credit card debt; school loans; medical bills; taxes; or high interest rate loans.


Home Equity

This is the difference between the market value of a property and the home owner's outstanding mortgage balances. 


Home Equity Loan

This is typically a 2nd mortgage loan with a fixed interest rate and a fixed term.  These loans offer the borrower the ability to get money for home improvements, debt consolidations, or many other reasons without disturbing their first mortgage.  Convenient when you have a low interest first mortgage.


Home Equity Line of Credit (HELOC)

A HELOC is a mortgage set up as a line of credit against which a borrower can "draw" up to a set amount, as opposed to a loan for a fixed dollar amount.  For example, using a standard mortgage, you might borrow $150,000, which would be paid to you, in full, at closing.  Using a HELOC you would receive the lender's promise to "advance" you up to $150,000, in any amount up to that limit, and at a time of your choosing. Interest is paid on the amount that has been borrowed and is outstanding.  You can "draw" on the line by check writing or credit card access.


Fixed Rate Mortgage

Typically 10,15,20 or 30 years.  A mortgage in which the interest rate does not change during the entire term of the loan.


Adjustable Rate Mortgages (ARM)

(i.e. 10/1, 7/1, 5/1, 3/1, 1yr, 6 mo)  An ARM is a mortgage in which the interest rate is not fixed for the entire life of the loan.  The rate is fixed for a period at the beginning, called the "initial rate period", but after that it may changed based on movement in an interest rate index and margin.

 


Balloon Mortgage

A mortgage which is payable in full after a period that is shorter than the term of the mortgage.  In most cases, the balance is refinanced with the current or another lender.  On a 15 year balloon, for example, the payment is usually calculated over a 30 year period, with the payment being that of a 30 year loan.  The principal balance of the loan that remains at the end of the 15 year period must be repaid or refinanced at that time.


Piggyback Mortgage/Combo Loans

A combination of a first mortgage up to 80% of the property value, and a second mortgage for 5%, 10% or 15% of the value.  Piggybacks are a substitute for mortgage insurance for borrowers who cannot put 20% down. 

 


Second Homes

This would be a second property that you own, that is a logical distance away from your primary home that is used for personal "vacation" purposes.  This is not an investment property.


Investor Properties

1-4 Unit Residential family properties that will be used for investment purposes and not as the owner's primary residence.   Interest rates are typically a little higher and more money may be required to put down on an investment property than on typical primary residence mortgage. 

5+ unit properties are treated as a commerical property and will require a commercial loan.

Properties titled and deeded in the name of an LLC or Corporation will also require a commerical loan.


Commerical Properties

Typical examples of a commercial property, which would require a commercial loan would be:

Buildings with 5 or more family rental units in one building; multi purpose buildings; businesses; restaurants; mom and pop stores; strip malls; warehouses; etc.


First Time Home Buyer

We love working with the first time home buyer(s)!  We like to really help educate buyers on the mortgage process, as well as discuss the benefits as well as the challenges of homeownership.  There are programs specifically designed for the first time home buyer, for example, USDA, FHA that have larger Seller Assist available with minimum down payment requirements.


Self Employed

We love working with self employed borrowers!!!  Whether you file a Schedule C, Partnership or Corporation Return, show a profit or a loss, we will evaluate your information and determine which program will work best for you!


Imperfect Credit

We are specialists in working with the client who has filed bankruptcy, has lates, , liens, charge offs, collection accounts, foreclosure, medical bills, no credit, or turned down by a bank!

The Mortgage Industry is constantly changing, and lender guidelines change with it.  Give us a call to discuss your specific situation to see if you would qualify for a mortgage today.


Prepayment Penalty

Loans with a prepayment penalty usually have a lower interest rate.  But, in exchange for this lower rate, you'll have to pay a penalty if you pay off the loan within the predetermined prepayment period, which is typically 1,2,3 or 5 years.   Typically, you would find a prepayment penalty with a Commerical Loan.


Escrow

There are two ways this term is used in the mortgage industry.  One, is the holding of documents and money (generally a down payment), by a neutral third party prior to settlement. 

Secondly, it is an account held by the lender into which a homeowner pays 1/12 of the total yearly property taxes and homeowner insurance on a monthly basis along with their mortgage payment.  When the bills become due, the lender releases a check to pay those taxes or insurance.


Zero Down

This term is used on purchase mortgages, when a borrower doesn't need to put money towards a down payment.  Typically, borrowers can also have a seller contribute 3-6% of the sale price to put towards closing costs.

At this time, there are only 2 mortgage programs that offer 100% financing, and those are:  USDA and VA Loans.


Commercial Loans

Loans that are secured by Real Estate, Inventory, Accounts Receivables, Equipment, Vehicles, etc.  Unsecured loans may also be available with certain limitations.




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.