Fixed Rate Mortgage
The 30-year and 15-year fixed are the most popular loans
- Do you feel comfortable knowing that your payment will not change?
- Do you plan on remaining in your home for a long period of time?
- Up to 95% of your property’s current home value.
You can qualify for a conventional loan for amount up to $484,350 for single family property and up to $931,600 for multi-unit property (max. 4 units).
A fixed-rate mortgage is a financial product that has a constant interest rate for the life of the loan. The fixed-rate mortgage has a several of term options that vary from 10 to 30 years. Regardless of your preferred length, the interest rate remains the same for the length of the mortgage. This makes the fixed-rate mortgage a popular choice for homeowners who prefer a stable, budget-friendly monthly payment. Pre-payment penalties do not apply.
Conventional Adjustable Rate Mortgage Refinancing
- The rates on adjustable mortgages reflect short-term interest rates, which are usually lower than the long-term rates of fixed mortgages.
- If you know will be moving or refinancing in the next 5 to 10 years take advantage of lower initial monthly payments.
- Easier income qualifying than fixed rate mortgage.
Adjustable-rate mortgages (ARMs) allow borrowers to pay lower interest rates on their loan for a set period, after which the rates get changed. Fixed term is typically for 5, 7 or 10 years. Pre-payment penalties do not apply.
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so lender can offer you a better deal. Typically, an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low equity and you can have less-than-perfect credit. Borrowers with credit scores as low as 580 can qualify for an FHA loan. Available on 1-4 unit properties. By comparison, you’ll typically need a credit score of at least 620 to qualify for a conventional mortgage. Pre-payment penalties do not apply.
The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the Streamline option saves borrowers time and money. You can reduce the interest rate on your current mortgage without a full credit check, yet you need to have paid your mortgage on time over the last 12 months. There is no requirement for income verification either. FHA Streamline loans have reduced paperwork, simple requirements for eligibility, and a list of features which makes it very attractive for borrowers.
A jumbo loan is one way to refinance a high-priced or luxury home. The limit on conforming loans is $484,350 in most areas of the country, but jumbo mortgages can exceed these limits. While jumbo mortgages used to carry higher interest rates than conventional mortgages, the gap has been closing in recent years. Today, the average annual percentage rate (APR) for a jumbo mortgage is often par with conventional mortgages – and in some cases, actually lower.
VA Loans for Veterans
The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) The biggest advantage of refinancing with a VA home loan is that homeowners can refinance up to 100% of the home's value, and they don't have to pay for mortgage insurance. A non-VA home loan normally requires some equity in the house.