Tim Barlow MLO#109204

NMLS # 47795



Tim Barlow MLO#109204 President/Mortgage Broker

Other Loan Programs

The following is a partial list of programs offered by T&G Financial Inc. DBA Cornerstone Home Mortgage & West Coast Veterans with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 360-250-3400.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Construction Loans

Construction loans are used to finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.

We look forward to your questions about construction loans. Please call us to find out more.

Home Equity Loans

Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you’re interested in a home equity loan. Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.

Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.

Jumbo Loans

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates. Learn more about jumbo loans by contacting us today.

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option. Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

FHA Mortgage Loans

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.

Reverse Mortgage Loans

Reverse mortgage loans, also known as reverse equity loans, are only available to homeowners 65 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly incomes. Contact us for more details.

VA Mortgage Loans

VA loans are only available to qualified military veterans, active duty, reservists and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $2,000,000 loan limit (this is constantly changing and we’ll talk about this when you connect with us). For information on qualifying for this loan program please give us a call today.  We work evenings and weekends do don’t worry about us keeping bankers hours.

If you are PCS’ing here into Washington State please click here Planning Your PCS

At West Coast Veterans a VA Home Purchase can be used to acquire a stick built property or a manufactured home (if you do decide to do a manufactured home they must be June 1976 or greater in age, double wide, on real property and be in average plus condition.   There are some other nuisances of Manufactured Homes but we’ve been doing them for many years and we’ll help you understand them if you decide to go this route.

If you already have a VA Home Loan, you can do a VA Cash out to take monies for anything form college tuition, debt consolidation, home improvements and many other purposes.  From time to time the banks may cap you at the amount of funds you can finance, currently they fluctuate at 90% to 100% of the value of your home.  We will update you with what is happening currently in the markets.

VA Irrrl Rate Reduction Refinance Loan, here you can lower your rate, with no appraisal, no financials and no income.   (give us a call to discuss these options more in detail)

Don’t forget to see our PCS Planning Section so you can see what we need to do for you to get ready to buy a home when you PCS here or if you are already at your duty station.  Or just click on Apply Now and finish an application.  That way we have all the information needed to help you on your way to navigating your VA Home Loan.

Take it easy and thank you for your service.