About Us
Leonard P. Reina, Esq. – President
First Mortgage was founded by its President, Leonard P. Reina. Mr. Reina has been a practicing Attorney for 27 years with an emphasis in Real Estate. In addition to being a Lawyer and Title Agent, Leonard possesses licenses as a Mortgage Broker and a Realtor. As a Real Estate professional who is experienced in the complexities and possible pitfalls of a mortgage loan, Leonard supervises all closings.
Mark McGuire – Senior Mortgage Broker
Our team is lead by Mark McGuire, an experienced mortgage professional. Mark’s tenure in Real Estate includes licenses in Real Estate, Appraisal and Mortgage. Having a well rounded knowledge of the industry allows him to provide his clients with all the tools necessary to make an informed decision regarding their mortgage transaction. Call him or stop by our offices, he is here to help.
Hard Equity Specialists
Although our staff is well versed in all types of commercial and residential lending, we have a particular expertise in hard equity lending. When your situation doesn't fit traditional lending guidelines, this is a useful alternative. Using hard equity lenders or private investor financing along with the equity in your property, we can find short-term mortgage financing for just about any situation, no matter how bad. This type of unconventional lending is also helpful when a bridge loan is temporally needed until other funds become available - such as the sale of another property.
Basic Mortgage Loan Programs
- 30 Year & 15 Year Fixed Rate –
- a. Payment remains the same for the term.
- b. Loan fully amortizes over term
- 7 Year and 5 Year Balloon –
- a. Payments based upon a 30 year term
- b. Fixed for initial 7 or 5 year term
- c. Outstanding balance at the end of the term may be paid in full, refinanced or extended.
- 1/1, 3/1, 5/1 and 7/1 Adjustable Rate –
- a. Payments based upon a 30 year term
- b. Rate is fixed for initial term
- c. Adjusts annually thereafter
- d. Usually has a maximum annual and life time adjustment cap
- e. Usually based on the 1 year CMT Treasury Bill
- Land Loan –
- a. Minimum down payment of 10%
- b. Maximum term of 20 years
- c. Interest only or principal and interest payments available
- Construction Loan –
- a. Max loan of 90% of cost and 80% of appraised value of land & improvements
- b. Up to 12 month terms
- c. Interest only monthly payments on the amount outstanding.