What type of property are you puchasing? (required)
30 Year Fixed Rate Mortgages
Probably the most common of all conventional mortgages: the 30 year loan. These loans are very popular, especially for those looking to purchase their forever home as the life of the loan is so long. When buyers are looking to purchase a home and utilize this common loan type, it’s best to put down as large of down payment as one can afford and work on keeping their credit score as high as possible.
15 Year Fixed Rate Mortgages
A 15 year fixed mortgage offers the same benefits of a 30 year loan — a fixed rate, set monthly payments, etc. but is paid in full in half the time. That means you own your home in 15 years! That also means — your monthly payments are much higher. This may not be a bad thing though for some buyers! If purchasing a home well within budget and with smart financial planning; 15 years can be perfect timing!
Adjustable rate mortgages are loans that have interest rates that change on a schedule throughout the length of the loan. When a loan is first established, the interest rate of an ARM is lower than the average market rate at that time. An adjustable rate mortgage initially gives buyers a lower interest rate — that interest rate can and will change throughout the life of your loan.
ARM (Adjustable Rate Mortgage)
FHA stands for the Federal Housing Administration. An FHA loan is what allows buyers who can’t come up with a hefty down payment and/or have “lower” credit scores to qualify for a mortgage loan. The basic criteria for an FHA loan is 3.5% minimum down payment and a credit score of 580 points or higher.
FHA
VA Loans are reserved for veterans, active-duty military, veterans, and spouses! The U.S. The Department of Veteran Affairs backs VA loans financially. VA loans are very popular because they require no down payment and have low interest rates — truly a great deal. Additionally, VA loans have lower closing costs which can save buyers a lot of money!
VA
Jumbo loans are exactly what they sound like — large loans for expensive homes. They differ by amount from state to state and are not secured by Freddie Mac or Fannie Mae. In most counties/states, homes over $548,250 require a jumbo loan.
Jumbo
The "fixer-upper" loan. A 203k loan allows buyers to roll the costs of the renovation into your mortgage! So, buyers can either refinance or freshly purchase a home that requires larger renovations and get a loan that covers both!
203K
USDA Loans are backed by the U.S. Department of Agriculture and are for those who are purchasing a home or property in a rural area. These loans can offer up to a 100% financing but it depends, of course, on the buyer and the home in question!
USDA
Reverse mortgages are in place for owners ages sixty-two and older. These loans allow owners to pull out the equity in their home in order to pay off their mortgage sooner — and if there’s money leftover, it’s theirs! Revere mortgages are a type of FHA loan, which means they are federally backed.
Reverse
