Fixed Rate Mortgage – 15 or 30 Year
Conventional conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.
Mortgage Type
Benefits
A good option if:
- Fixed Rates
- No interest-rate surprises
- Plan to stay in your home for a long period of time
- Have an established credit history
FHA
An FHA loan can be a perfect solution if you aren’t sure that your current finances will let you qualify for a mortgage.
- Low down payments
- Flexible qualification guidelines
- Fixed rate and ARM options
- Have limited funds for a down payment
- Don’t have established credit history or have experienced credit challenges in the past
Adjustable Rate Mortgages
Financially savvy? This could be the product for you.
- Short term rates
- Lower initial monthly payments
- Initial rate periods of 3-10 years, then rates can adjust up or down
- Know you’ll be moving within a few years
- Have an established credit history
VA- Veterans Administration
The Veterans Affairs (VA) loan is a specific loan program to help veterans, active-duty service members and their families purchase a home.
- Low or no down payment
- No mortgage insurance requirement
- Flexible qualifications guidelines
- Fixed rate and ARM options
- Are an active military member or veteran
- Are the surviving spouse of a service member who died as a result of military service
Jumbo Mortgages
Jumbo mortgage loans are a great option for homebuyers financing large purchases. Home loans fall into two categories based on their loan amount: conforming and jumbo.
- Increased purchase limits
- Competitive rates
- Fixed rate and ARM options
- Are you buying a home that exceeds conforming loan limits
- Have an established credit history
Reverse Mortgage
A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
Refinance
Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.
HOW MUCH HOME CAN YOU AFFORD?
Begin your home loan process today!