Credence Mortgage, Inc.

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"Thank you so much for everything. You've restored my faith in the process!"

- Patricia S., Ellicott City, MD

Credence Mortgage, Inc. searches a wide range of loan programs to find the mortgage that will best suite your needs. Our Account Executives can find the best loan program for your purchase, refinance, or home equity loan. Below you will find comprehensive information on the attributes of a mortgage.

Amortization Types
Standard Monthly Interest	Interest is accrued and paid in arrears. Each payment covers interest incurred in the prior month and reduces the principal balance going forward. Loans that use standard monthly interest have level payments.	Ideal for borrowers that require a steady level payment for budgeting purposes.
Simple Interest	A loan that does not use an amortization table. The interest due is always based on the new principal balance.	Ideal for borrowers that want a line of credit and may or may not carry a balance.
Negative Amortization	A loan that allows for payments lower than the amount of interest incurred.	Ideal for borrowers that expect to have a substantial increase in income in the future.
Interest Only	A mortgage loan that only requires payments of interest. The principal balance is never reduced.	Ideal for borrowers that want to preserve the tax deductibility of their loan.

Application Options
Pre-Qualification - No Charge	Professional determination that borrower generally meets a loan programs guidelines.	Applies to a potential home buyer that does not yet have an agreement of sale.
Pre-Approval - No Charge	Professional determination that borrowers meet a loan programs qualification guidelines based on an underwriting recommendation.	Ideal for a person that has a pending or final agreement of sale.
No Application Fees	Application Fee Waiver	Great for everyone.
No Closing Cost Option	An option that allows a borrower to incur no closing costs in exchange for accepting a nominally higher rate.	Ideal for people that want to save money.
Short Term Secured Rates	An application feature whereby a borrowers interest rate is guaranteed up to 120 days subject to underwriting approval.	Ideal for any borrower that is refinancing or going to settlement on a new home in the next 120 days.
Long Term Secured Rates	An application feature whereby a borrowers interest rate is guaranteed up to 270 days subject to underwriting approval.	Ideal for a borrower that wants to hedge against increasing interest rates for a new home under construction.
Secured Rate Float Down Option	An application feature which allows a borrower to renegotiate an interest rate that has already been secured in event of a downward trending market.	Ideal for a borrower that is purchasing a new home and wants rate protection but believes rates are going down.
Loan Product Pricing Guarantee	An application feature that guarantees the specific charges incurred at settlement.	Ideal for any borrower that wants to know what they are agreeing to pay for.

Credit Class
Excellent	A credit score of over a 720 FICO that offers a discount to borrowers.	Ideal for borrowers that want a reward for their superior credit history.
Above Average	A credit score of over a 680 FICO that offers a discount to borrowers.	Ideal for borrowers that want a reward for their above average credit profile.
Average	A credit score of over 640 FICO that offers borrowers a standard pricing option.	Ideal for borrowers that have average credit profiles.
Credit Challenged	A poor credit score with a risk based pricing feature that allows borrowers to still obtain finance.	Ideal for borrowers that have poor credit profiles but who can afford payments on new loan.

Documentation Options
Full Documentation - Human Underwrite	An underwriting feature that requires borrowers to be within acceptable tolerances. This type of underwriting requires documentation for every declaration made by borrowers.	Ideal for borrowers that have unique circumstances who may not otherwise be approved.
Limited Documentation - Electronic Underwrite	An underwriting feature that can calculate compounded risk assessment analysis. This type of underwriting requires only limited documentation depending on results.	Ideal for borrowers that want all aspects of their application considered prior to be requested to provide documentation.
Stated Income - Electronic Underwrite	An underwriting feature that does not require a borrower to document the income that is stated on the application.	Ideal for self employed or commissioned income borrowers.
Stated Assets - Human Underwrite	An underwriting feature that does not require a borrower to document declared assets.	Ideal for a borrower that wishes to protect their financial privacy and believes that the rest of their application is grounds enough for an underwriter to approve.
Stated Income and Asset - Human Underwrite	An underwriting feature that does not require a borrower to document declared income or assets	Ideal for a borrower that wishes to protect their financial privacy and believes that the rest of their application is grounds enough for an underwriter to approve.
No Income Declaration - Human Underwrite	An underwriting feature that allows a borrower not to state their income.	Ideal for borrowers with abnormal income circumstances.
True No Doc - Human Underwrite	An underwriting feature that does not require a borrower to document declared income, assets, or employment.	Ideal for a borrower that wishes to protect their financial privacy and believes that the rest of their application is grounds enough for an underwriter to approve.

Locations
Pennsylvania	Requires that the subject property be located in the state of Pennsylvania.	Ideal for anyone that owns a 1 -4 unit home in Pennsylvania.
Delaware	Requires that the subject property be located in the state of Delaware.	Ideal for anyone that owns a 1 -4 unit home in Delaware.

Property Types
Single Family Unattached Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Family Unattached Under Construction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit Attached Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit Attached under Construction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit Low Rise Condominium Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit Low Rise Condominium under Construction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit High Rise Condominium Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Single Unit High Rise Condominium under Contruction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Multi Family Two Unit Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage	Ideal for any owner or buyer for this type of property.
Multi Family Three Unit Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Multi Family Four Unit Existing	Residential Zoned subject property classification eligible for finance by Credence Mortgage	Ideal for any owner or buyer for this type of property
Mult Family Two Unit Under Contruction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Multi Family Three Unit Under Construction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.
Multi Family Four Unit Under Construction	Residential Zoned subject property classification eligible for finance by Credence Mortgage.	Ideal for any owner or buyer for this type of property.

Rate Features
Fixed For Life	An interest rate that never changes. Once secured, it is the same for the entire term of loan.	Ideal for most borrowers that do not have fluctuating balances.
Fixed for Term - Then Variable	An interest rate that is fixed for a number of months before becoming adjustable.	Ideal for borrowers that will carry fluctuating balances dependant upon changing cash flows.
Variable for Term - Then Convertible to Fixed	An interest rate that is adjustable but then carries a convertible to fixed rate option.	Ideal for a borrower that anticipates an increase in income in the future.
Temporary Buy Downs (Reduced Rates) - Then Fixed	An interest rate that is temporarily reduced for a period of time until it adjusts to a maximum rate.	Ideal for a borrower that has a temporarily reduced income or expects to be in a home for only a short period of time.

Term Options
120 Month - 10 Year	Term used for calculating Payments	Ideal for a borrower that is closer to retirement age and wants to pay loan off early.
180 Month - 15 Year	Term used for calculating Payments	Ideal for borrowers that want to incur less interest on their loan that do not have the discipline to save.
240 Month - 20 Year	Term used for calculating Payments	Ideal for borrowers that want to incur less interest on their loan that do not have the disciplines to save.
300 Month - 25 Year	Term used for calculating Payments	Ideal for borrowers that want to incur less interest on their loan that do not have the discipline to save.
360 Month - 30 Year	Term used for calculating Payments	Ideal for borrowers that expect to have income for the entire term of the loan. Also ideal for borrowers with constraints on their budget.
480 Month - 40 Year	Term used for calculating Payments	Ideal for borrowers wishing to maximize the tax deductible benefits of there loan without paying interest only.

Transaction Purposes
First Time Home Buyer	A loan product offered to home purchasers.	Ideal loan program for most home purchasers.
New Home Purchaser	A loan product offered to home purchasers.	Ideal loan program for most home purchasers.
Refinance Existing Loan	A loan product that is offered only to refinance borrowers that do not increase their loan amount.	Ideal for borrowers who can afford to pay for their closing costs and plan on staying in their home for more than 5 years.
Cash Out Refinance	A loan product that allows borrowers to roll over closing costs or take surplus cash from equity at settlement.	Ideal for borrowers that are refinancing and need cash or do not plan on staying in their home for more than 5 years.
Debt Consolidation	A loan product that allows borrowers to take out surplus cash from equity in property for the specific purpose of paying off another existing liability.	Ideal for borrowers that want to convert non tax deductible debt into tax deductible debt.
Finance Vacation Home	A loan product that is offered to people purchasing second homes for non investment purposes.	Ideal for borrowers that are purchasing a vacation home.
Finance Investment Property	A loan product that is offered to people purchasing investments or multi-unit properties.	Ideal for borrowers that are investing in a rental property.
Home Equity Open Lines of Credit	A loan product that is offered to borrowers that does not require being in the first lien position.	Ideal for borrowers that want to keep their first mortgage but obtain cash from equity for other purposes.