CONVENTIONAL LOANS
Fixed-rate mortgage
With a fixed-rate mortgage, the monthly principal remains the same throughout the entire life of the loan. While rates are higher than those of Adjustable-rate mortgages, they are more predictable. Terms available: 10, 15, 20 and 30 years. You should consider a fixed-rate mortgage if you would like the certainty of a fixed principal and interest payment, need to work with a fixed budget, or feel rates are likely to raise.
Adjustable-rate mortgage (ARM)
What is an Adjustable-rate mortgage (ARM)?
• An ARM usually offers a lower initial interest rate and payment than a fixed mortgage, so borrowers may qualify for a higher loan amount.
• Your mortgage payment can go up or down based on economic influences.
• Adjustment periods vary depending on which product you choose.
FHA & VA LOANS
VA Loans
For those who qualify – VA is a competitive mortgage!
• Aggressive pricing
• Cashout up to 90%
• No reserves required
• Finance 100% of the purchase price
• 1-4 family unit owner occupied homes
• Streamline process
FHA
Looking for an inexpensive loan program? Check out the benefits of an FHA loan!
• As low as $100 down payment required (**$100 down program is for qualified property’s**)
• Down payment can be 100% “gifted” from relative
• No cash reserves required
• A seller can pay up to 6% of the closing costs
• No prepayment penalty
• Available condo programs
• Available ARM programs
USDA / RD
USDA is stronger and more competitive than ever. With no recapture tax and no required repairs – many people are choosing this program to help them buy the home of their dreams. Let us assist you with your purchase or RD refinance.
• No down payment
• No monthly MIP
• No prepayment penalty
• Great for first time homebuyers or buying a new home!
No reason not to finance your dream home today. This program also has the ability to let you finance your closing costs with the loan. Call or email us today to qualify you and your property for financing.
Refinance
Most people refinance their mortgages to get a lower interest rate. The lower rate translates into a faster payoff time or a lower monthly payment. But a low rate isn’t the only reason you should consider a refinance. Six reasons to consider financing are:
Lowering Monthly Payments – A lower rate may mean lower monthly payments. You should consider taking out a loan for the same length of time that remains on your current mortgage.
Pay Off Your Mortgage More Quickly – You may be able to shorten the term of your loan (for example, from 30 to 15 years) while keeping your monthly payment at or near its current level. You could save thousands of dollars in interest!
Lock In A Low Rate – You could refinance your Adjustable-rate mortgage to a fixed rate.
Get A Better Adjustable-rate or Interest Only Mortgage – A new program may be available that has better rates and terms than your current mortgage.
Debt Consolidation – With enough equity in your home, you could combine a home equity loan with your first mortgage to have just one payment. You could also pay off other high-interest debt, such as credit and charge card balance, installment loans, or college tuition.
