There are several different loan options available. Here is a brief scenario of each option.
- 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 never change.
- 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.
- ADJUSTABLE RATE MORTGAGE (ARM)
Take advantage of the lowest rate available with an adjustable rate mortgage! Itʼs a great loan option if rates are on the decline or youʼre staying in your home for a short time.
- USDA LOAN
For properties located in rural areas, this loan offers 100% financing with reduced mortgage insurance. Some income restrictions do apply and vary by county.
- 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.
- FHA LOAN
Another loan program with flexible credit standards, an FHA loan is an easier way to get a new home loan, especially if you have any credit blemishes. Down payments can be as low as 3.5%.
- SPECIALTY/NON-TRADITIONAL LOANS
For buyers with unique income or asset situations, a non-traditional or specialty loan might be a good option.
Our team will assist you in finding the best option for you!