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What is a 30 Year Fixed Rate Mortgage?
- How Long Are You Planning On Staying In Your Home? If you’re considering getting a 30 year fixed rate mortgage, you should also be planning on staying in your home for more than 5-7 years.
- Do You Prefer Your Monthly Mortgage Payment To Stay The Same? 30 year fixed rate mortgages are famous for having an interest rate that doesn’t change for the entire life of the loan, keeping your mortgage payments the same month-after- month, for 360 months.
- Do You Want a Low Mortgage Payment? Due to the long nature of this loan, a 30 year fixed rate mortgage makes your monthly mortgage payments more affordable in comparison to shorter length fixed rate mortgages (like a 15 year fixed rate mortgage). You end up paying more interest over the 30 years, but the principal repayment is spread over that same time period, which gives you more manageable payment amounts.
- Are You Purchasing or Refinancing? This mortgage option is great if you’re looking to buy a new home. However, if you’re looking to refinance your home that you already own at a lower rate, a 30 year mortgage may be too long for you. You may want to consider a shorter fixed mortgage term based on how much you can afford and what your mortgage refinancing goals are.
Is a 15 Year Fixed Rate Mortgage for You?
Why Should I Choose an ARM?
Who Should Get a Jumbo Mortgage?
Who is an FHA Loan Best For?
Do I Qualify For a VA Home Loan?
- Are you a current or ex military personnel, or a surviving spouse of one?
- Do you have no past record of loan defaults within the last 12 months?
- Have you not declared bankruptcy within the last two years?
Why Should I Get a VA Loan?
- No Money Down. With a VA home loan, you don’t have to include a down payment if you can’t afford to, unlike conventional loans which typically require at least 10-20% down.
- No Private Mortgage Insurance (PMI) Typically, private mortgage insurance (or PMI) normally adds 0.2-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. With a VA loan, you’re not required to have PMI, saving you more money on your home loan.
- Fewer Restrictions. As we mentioned above, VA loans come with fewer restrictions, making it easier for you to qualify for one. With a VA loan, you’re allowed a higher debt-to-income ratio and have more leniency with your credit score.
- Easy Refinance. Due to the VA Streamline Refinance Loan Program, you are able to refinance your VA loan to a lower rate with less funding fees than a regular refinance.
Who Should Consider An Interest Only Mortgage?
- Home buyers who are pretty certain their income will grow, but would like the advantage of buying more home now.
- Home buyers who know their time frame for home ownership, but are more interested in lower monthly mortgage payments than building equity.
- Home buyers who want to invest their money elsewhere rather than in their home.
- Home owners who are ok with the prospect of their monthly mortgage payment going up when the interest only term ends.
- People who own investment homes and rent them out.
To see if an interest only home loan is right for you, call us at 1-844-700-2121.