Loan options

 The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer.

 The 15-year-fixed mortgage is fully amortized over a 15-year period and features consistent monthly payments. Although a 15-year loan has higher payments, knocking the payback term in half can save you thousands of dollars in interest over the life of the loan.

Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is typically lower than that of a fixed rate mortgage, consequently, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is too high. 

 An FHA loan is insured by the Federal Housing Administration. Essentially, the Federal Government provides an insurance pool that significantly reduces the risk to lenders. This allows them to offer FHA loans at rates below non-insured loans, and with lower down payments. FHA is a great option for first time home buyers as well as those with blemished credit. 

 A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA).

The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses.

 A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2022, the limit is $647,000 for most parts of the county and higher in some high-cost communities. Rates tend to be a little higher, primarily because Fannie Mae and Freddie Mac do not purchase these loans, increasing the risk potential to the lender. 

What do an FHA 203k, a Fannie Mae HomeStyle and a Freddie Mac Choice Renovation loan have in common? They all offer borrowers an option to buy a fixer-upper and finance some or all of the renovation costs into the new loan. These can also be available to homeowners looking for upgrade funds. Ask us for details on how these products can work for you.

 The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in select rural communities. 

 Though the terms and details of these loans differ, require a decent credit history. If you are looking for a home in a non-urban/suburban setting, check and see if a USDA loan makes sense for you. 

Are you 62 years old or greater? Check out how a reverse mortgage can allow you to stop making payments on your current mortgage. We can even structure a loan to pay you a monthly amount for a set period of time, or for the rest of your life. There are multiple options that are available that can allow your home to help pay for the things you want to do in your retirement, even though being retired is NOT a requirement.