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30 Year Fixed Rate Mortgage
The 30 year fixed rate mortgage is one of the most popular and secure home loan options available, especially if you want your monthly payments to be low and never change. Apply now for a 30 year fixed rate mortgage.
15 Year Fixed Rate Mortgage
If you’re looking to save thousands in interest expense and you want to own your home quicker versus a 30 year fixed rate mortgage, a 15 year fixed rate mortgage could be good for you. Plus, your payment and interest rate will never change during the term of this mortgage. Apply now for a 15 year fixed rate mortgage.
Adjustable Rate Mortgage (ARM)
Take advantage of the lowest rate available with an adjustable rate mortgage! It’s a great loan option if rates are on the decline or you’re staying in your home for a short time. Apply now for your ARM.
FHA Loan
Offering loan flexibility and rate security if you want it, an FHA loan is an easy way to get a new home loan. Downpayments can be as low as 3.5%. Apply now for your FHA loan.
VA Loan
With relaxed credit standards and low down payment options, the VA loan is geared specifically to help veterans and military personnel get a mortgage and own a home. Apply now for your VA loan.
Jumbo Loan
If your home loan amount exceeds the current conforming loan limit (in most cases $417,000), a Jumbo loan is likely a good choice for you. Jumbo loans can be of the fixed or adjustable variety. Apply now for a Jumbo loan.
Interest Only Mortgage
An interest only mortgage is great if you are interested in the lowest possible monthly payment for an initial period of time. Apply now for an interest only mortgage.
What is a 30 Year Fixed Rate Mortgage?
To decide if a 30 year fixed mortgage is right for you, ask yourself these four things:
- 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.
A 30 year fixed rate mortgage gives peace of mind to homebuyers who choose it, whether they are first-time homebuyers or just don’t want to worry about fluctuating mortgage payments.
A 15 year fixed rate mortgage is in many ways similar to a 30 year-fixed rate mortgage. Your rate stays the same throughout the life of your home loan, giving you security and predictability with your monthly mortgage payments. Yet, what does a 15 year-fixed offer that a 30-year fixed doesn’t?
The main difference is obvious – the length of your loan. With a 15 year-fixed rate home loan, you’ll be able to pay off your mortgage in a shorter amount of time, ultimately owning your home quicker than you could with a 30 year-fixed rate loan.
In addition, with a 15 year fixed rate mortgage, you’ll be able to take advantage of a lower rate than what’s available with a 30 year fixed home loan. A shorter loan term plus lower mortgage rates means paying less interest on your loan – saving you more money!
One point to note: a 15 year fixed rate mortgage will have a higher monthly payment than a 30 year, so you’ll need to factor that into your budget.
Is a 15 Year Fixed Rate Mortgage for You?
A 15 year fixed rate mortgage can be a great home loan for many people; specifically, it is very popular for two different types of homebuyers. First, young homebuyers with sufficient income find 15 year fixed rate mortgages popular as they enable these homeowners to pay off their home quickly before their children begin college. Second, homebuyers with an already established career and higher income find 15 year-fixed rate home loans attractive
An Adjustable Rate Mortgage, or ARM as it is popularly referred to, is a loan option whose interest rate changes after a fixed number of years (typically 5 or 7 years). After this fixed period of time, the rate will likely adjust, either increasing or decreasing your monthly payments.
An ARM is a common alternative to a fixed rate mortgage, typically offering lower interest rates than you’d be able to obtain with a fixed rate mortgage. While potentially unpredictable, they can be a great home loan alternative in comparison to a long term mortgage like a 30 year-fixed rate mortgage.
Why Should I Choose an ARM?
Are you thinking about moving or upgrading your home in a few years? Adjustable rate mortgages are a cheaper way to buy a home when you don’t plan on staying in it past 7 years, due to their lower interest rates and ultimately, lower monthly payments.
If you want the lowest rate currently available, an ARM can provide you with it. ARMs transfer part of the usual “interest rate risk” carried by all home loans, from the lender to the borrower since the borrower is taking advantage of lower initial payments by risking the possibility that the mortgage interest rate could increase after the initial term.
In addition, an ARM is a great way to qualify for a higher loan amount, allowing you to purchase a more valuable house. People who take out very large mortgages tend to get a 1-year ARM then refinance it to keep their rate from increasing. Thanks to the low rates available with an adjustable rate mortgages, you’ll be able to buy a more expensive home while taking advantage of the lowest possible mortgage payment available.
Home loans fall into two categories based on their loan amount: conforming and jumbo loans. If you need a home loan that’s over the conforming limit, you will probably need to get a Jumbo mortgage.
Jumbo loans offer the same flexibility as conforming loans, however the only difference is that they are not eligible for purchase by Fannie Mae or Freddie Mac and must be sold in the secondary market. This means that the rates for Jumbo loans will be slightly higher than home loans with similar terms that are conforming loans. Sometimes you may hear Jumbo loans referred to as non-conforming loans.
Who Should Get a Jumbo Mortgage?
If you are able to afford a more expensive home, but haven’t saved up enough money to bring the loan down to conforming limits, a jumbo loan is a great option for you.
If you’re looking to find your “forever” home, and know that as time goes on your income will increase, a Jumbo loan could be an affordable home loan option for you. This may be a good way to bypass the “starter home” and prevent you and your family from moving at a later date to a bigger home.
Perhaps you’ve found the perfect home, but it just happens to be in a neighborhood where all the homes are highly priced. A jumbo loan may be the only option you have in order to buy a home, due to the high-value real estate in the area.
Not sure if your current finances will let you qualify for a mortgage? A FHA mortgage could be your solution. Run by the Federal Housing Administration, FHA home loans were created to make it easier for home owners to qualify for a loan – whether to buy a home or refinance your mortgage.
Who is an FHA Loan Best For?
FHA home loans can benefit almost all home buyers and refinancers – first-time home buyers, military families, lower-income families and homeowners who don’t want to tie up a lot of cash in their homes.
FHA mortgages are great for people who desire a secure government-insured home loan, while also needing to finance more than 80% of their home value. Check in with a home loan expert or call us at 1-844-700-2121 to review your options to see if a FHA home loan is the best fit for you.
Do I Qualify For a VA Home Loan?
While there are far less restrictions for qualifying for a VA loan in comparison to other loan options, there still are a few stipulations. To decide if you will qualify for a VA loan, ask yourself these three questions:
- 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?
If you answered “yes” to all three of these questions, chances are that you qualify for a VA loan. Contact one of our home purchase experts at 1-844-700-2121 or apply online to get started
Why Should I Get a VA Loan?
VA loans are fully backed by the government, and offer a variety of advantages for your home purchase or mortgage refinance. Here are some advantages of VA Loans:
- 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.
For most home loan types, your monthly payment will consist of some interest and some principal, so that you’ll be paying both at once. With an interest only mortgage though, you’ll pay only interest on your payments for a specific period of time (typically 5-10 years) while your principal will remain unchanged. By paying interest only, you’ll be reducing your monthly mortgage payments, enabling you to buy a more expensive home.
Interest only home loans can be a great way to free up your cash, allowing you to invest it towards other things such as retirement, college tuition or a rainy day fund.
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.
Other Items to Consider with Interest Only Mortgages
While interest only home loans give you access to low monthly payments during the initial term of your loan, your monthly payments will rise in order to pay off the principal of your loan when this term ends.
Due to this, some homebuyers can overextend themselves and may be unable to pay the higher monthly payment. If you don’t expect your income to increase in 5 to 7 years or you think you’ll be unable to make the larger payments later on, you may want to consider a different loan option like a 15 or 30 year fixed rate mortgage.
In addition, if the value of your home doesn’t increase while you have an interest only home loan, then it may be harder to refinance your mortgage. Your local home purchase expert can discuss these additional considerations with you further.
