First Metro Mortgage offers secondary market home loans with financing available up to 100% In some instances, depending on credit scores and debt ratio, closing costs may be included in the mortgage amount borrowed.

In-house mortgages with a 25 year term are also available. Financing is available for 80 - 85% of the appraised cost of the home. Generally, closing costs are less than those costs incurred with secondary market loans.

Second mortgages are loans designed so the home owner may borrow against the existing equity in their home for immediate expenditures. Payments are usually based up to a 15 year amortization with a fixed interest rate up to five years.

Equity Lines of Credit are revolving loans in which advances can be made for future expenditures (education, boat, home improvement, vacation, etc.). Rates on these loans may be variable or fixed. The payment (principal plus interest) is 1.75% of the outstanding principal balance.

Homeowners may want to refinance their home due to lower interest rates or to extend the term of the loan. The existing balance is refinanced up to 95% of the appraisal value of the home.

Many homeowners refinance for debt consolidation. Homeowners may refinance up to 90% of the appraised value of the home.

Construction loans are a line of credit established for building your home. Home builders may make a draw on the loan to pay for building supplies and expenses. Typically, the term is six to nine months with permanent financing available upon completion.