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Which home loan is right for you?
With so many lending options, it can feel impossible to know the ins and outs of all of them, let alone which one is best for your unique circumstances. This page gives you a brief overview of home lending options. Take a quick look if you’d like, or skip the jargon and reach out to us directly.
We bring clarity to your home loan options.
30-Year Fixed Mortgage
30-year fixed-rate loan offers the security of interest rates and monthly payments that stay the same for the duration of the mortgage. Typically, fixed-rate loans aren’t much more expensive than adjustable-rate loans, but offer the advantage of locking in low rates for life.
15-Year Fixed Mortgage
The 15-year fixed-rate loan offers the benefit of secured interest and payments, like the 30-year loan, but it has lower rates and is paid off in half the time. However, interest rates aren’t always significantly better than a 30-year loan, so for some, it isn’t worth the commitment of higher monthly payments.
An Adjustable-Rate Mortgage Loan, or ARM, has an interest rate that changes periodically. This option can sometimes offer the advantage of lower payments, initially, and you may choose to refinance when the fixed period ends and the rate becomes variable. Interest Only programs available for clients with 700 + credit and reserves.
A mortgage insured by the Federal Housing Administration is known as an FHA loan. The FHA program makes loans more accessible and affordable, and stimulates the housing market. With low down payment requirements and the allowance for less than perfect credit, FHA loans are one of the easiest to qualify for and can be used to refinance as well as purchase a home.
Current homeowners may refinance to lower their payments or take cash out up to 80% of their home’s value.
All In One Loan
With All In One loans, interest is calculated based on the loan balance minus the sum of the savings account linked to it. Funds in the account remain available for use, and deposits into the account lower the loan’s principal. This adds up to tens of thousands of dollars saved and years shaved off the length of the loan.
A mortgage guaranteed by the United States Department of Veterans Affairs is referred to as a VA loan. Eligible American veterans or their surviving spouses (who aren’t remarried) can receive long-term financing through VA loans. Negotiable interest rates and no required down payment are just a couple of the advantages of VA loans.
Those looking to refinance a home loan may have more relaxed qualification standards and expanded cash out options of up to 90% of the home’s value to consolidate debt, make home improvements, or other plans you find suitable.
A loan that exceeds the conforming loan limits is referred to as a jumbo loan. As of 202o, the loan limit for most of the U.S. is $510,400. Jumbo loans offer financing for up to $3 million and the convenience of one loan for an entire amount rather than multiple mortgages. Because lenders have a greater risk, jumbo loans usually have higher interest rates.
The United States Department of Agriculture (USDA) offers a variety of loans for those with qualifying income levels to support the purchase and/or renovation of homes in rural areas.
USDA loans offer excellent benefits, including very low interest rates, no out-of-pocket down payment required, and more.
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