Deciding what type of loan fits your needs is what we do best! There are advantages and disadvantages to each type of mortgage. Call now to talk to one of our mortgage professionals.
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LOAN PROGRAMS |
APR |
| CONFORMING FIXED RATE |
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ADJUSTABLE RATE MORTGAGE AND BALLOONS |
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FHA, AMERIDREAM AND $ 0 DOWN PROGRAMS |
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VA |
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RURAL DEVELOPMENT |
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CONSTRUCTION |
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FANNIE MAE AND FREDDIE MAC AFFORDABLE HOUSING |
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NON-CONFORMING/SUBPRIME |
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A fixed rate mortgage allows you to borrow the money for your home and make predictable monthly payments until it is paid off. The rate is fixed so the monthly payment of principal and interest never changes. If you choose or are required to use an escrow account for your tax and insurance payments, then your total monthly payments may fluctuate due to increases or decreases in your tax bills or insurance premiums. The most common terms for a fixed rate mortgage are 15 and 30-years.
An adjustable rate mortgage interest rate can change periodically. All adjustable rate mortgages have an adjustment period, usually every 6 months or every 1 year. One type of ARM begins its adjustment period cycle after one year. Other types can start with a fixed rate for 3, 5, or 7 years and then the adjustment period cycle begins. All ARMs are amortized over 30 years.
A balloon mortgage is a loan which is amortized for a longer period than the term of the loan. It can, for example, reflect a thirty-year amortization and a five-year term. At the end of the term of the loan (5 years), the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment.
An FHA mortgage is a mortgage that is insured by the Federal Housing Administration (FHA). FHA loans can be fixed rate or adjustable rate mortgages.
A VA mortgage is a mortgage that is guaranteed by the Department of Veterans Affairs (VA). The FHA and VA mortgages are sometimes referred to as government loans. The FHA and VA set standards for construction and underwriting but do not lend money, plan or construct housing.
