15 year fixed rate
A 15 year mortgage is an attractive option for many home buyers, as it allows you to pay off your mortgage faster and save on interest costs.
Highlights of a 15 year fixed rate mortgage loan include:
- Pay off your loan faster and save on interest costs
- Save thousands of dollars in interest costs.
- Helps you qualify for a lower interest
30 year fixed rate
A 30 year mortgage is a long-term loan agreement where the borrower pays back the loan over a 30 year period, usually in monthly payments, with interest.
Highlights of a 30 year fixed rate mortgage loan include:
- Spreads out the cost of the loan over a longer period of time.
- Easier to qualify.
- Monthly payments are lower compared to shorter term loan
Conventional Loans
No Mortgage Insurance Premiums (MIP): With a conventional mortgage, you may be able to avoid paying MIP if you make a down payment of 20% or more.
Highlights of conventional loans include:
- No Upfront Funding Fee: Avoid adding thousands to closing costs.
- More Flexibility
- Typically require a down payment of 3% to 20% of the home's purchase price.
Adjustable Rate (ARM)
An adjustable rate mortgage (ARM) is a type of mortgage in which the interest rate is periodically adjusted over the life of the loan.
Highlights of an adjustable rate mortgage include:
- Beneficial for those who plan to move or refinance in a few years.
- Offers a variety of terms and features.
- The initial rate is can be lower than that of a traditional fixed-rate mortgage.
FHA Home Loans
A FHA Home Loan mortgage is a government-insured mortgage program that allows home buyers to purchase a home with a lower down payment and more relaxed credit standards.
Highlights of a FHA loan include:
- For first-time homebuyers or have not owned a home in the last three years.
- Flexible lending requirements.
- Lower down payment requirements.
VA Home Loans
A VA Home Loan mortgage is a type of home loan available exclusively to veterans, service members, and surviving spouses of those who have served in the United States military.
Highlights of a VA loan include:
- Low or no down payment.
- Lower closing costs than other types of mortgages.
- No mortgage insurance.
Jumbo Home Loans
Jumbo home loans are perfect for individuals with good credit who require a larger loan amount than what is allowed by the FHFA's conforming loan limits.
Highlights of a Jumbo loan include:
- Higher loan limits
- Ability to purchase a more expensive home
- Available for primary residences, second homes, or rental properties.
Reverse Home Loan
With a reverse mortgage loan, you can convert a portion of your home's equity into cash, which can be used for a variety of purposes that can enhance and extend your retirement.
Highlights of a reverse mortgage loan include:
- The option to shorten the loan term and save money in the long run.
- The possibility of attaining a lower interest rate and reducing monthly payments.
- The option to combine a first and second lien into a single loan for simplicity and potential savings.