Residential & Commercial Mortgages in Buffalo, NY
Home Refinancing Services
Find out more about our mortgage services today.
Banas Mortgage Co. LTD has helped give out over $1 billion in loans since our opening in 1985. We have established a vast network of varied lenders to assist potential homeowners with different needs, as well as those who wish to refinance. There is no question that we are the best mortgage company in Western New York. Banas Mortgage provides the following unrivaled services:
- Residential Home Loans – FHA & VA Approved
- Residential Refinance
- Investment Loans
- Commercial Loans
- New Construction Loans
- RESIDENTIAL HOME – the term residential mortgage loan means “any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling
- VA LOAN – A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender.
- FHA MORTGAGE – A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. Seller concession is available at 6%.
- REFINANCE – Getting a new mortgage to replace the original is called refinancing. Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage
- INVESTMENT MORTGAGE – Investment property is a real estate property that has been purchased with the intention of earning a return on the investment (purchase), either through rent (income), the future resale of the property.
- COMMERCIAL – A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.
- NEW CONSTRUCTION LOAN – A loan borrowed to finance the construction of a home and typically only interest is paid during the construction period. The money is advanced incrementally during construction, as construction progresses.