WESTAR FUNDING CORP. - "Flexible mortgage solutions to fit your unique needs"

TYPES OF LOANS

Conforming Loans

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, package the mortgages into securities and sell the securities to investors.      more >>

Jumbo Loans

Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are larger than the industry standard, they have a higher risk for lenders. Therefore, they often have a higher interest rate than conforming, but the spread between the two varies with the economy.     more >>

Subprim Loans

Loans that do not meet the borrower credit requirements of Fannie Mae and Freddie Mac are called Subprime or "B" and "C" paper loans vs. "A" paper conforming loans. B and C loans are offered to borrowers that may have recently filed for bankruptcy, foreclosure, or have had late payments on their credit reports.     more >>

Fixed Rate Loans

With fixed rate mortgage (FRM) loans the interest rate and your mortgage monthly payments remain fixed for the period of the loan. Fixed-rate mortgages are for varying years typically between 10 to 40. Generally, the shorter the term of a loan, the lower the interest rate.
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Adjustable Rate Loans

Variable or adjustable loan are loans where the interest rate is fixed for an initial period of time, after which the rate and monthly payments fluctuate over the remainder of the loan term.
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