TYPES OF LOANS
CONVENTIONAL AND GOVERNMENT LOANS
We offer Conventional and Government (FHA/VA) loans for the following mortgage products:
30-Year Fixed Rate Mortgage
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. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
15-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment since the difference in interest rates isn't that great.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Adjustable Rate Mortgages (ARM)
When it comes to ARMs, there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
Annual ARM
This loan has a rate that is calculated once a year.
VA
A VA loan is a mortgage option for people who meet the VA's guidlines for military service. VA loans are guaranteed by the Department of Veterans Affairs. It offers no down payment, no private mortgage insurance, and up to 4% seller contribution allowed.
Cash Out Refinance
A cash-out refinance is a mortgage refinancing option in which the new mortgage is for a larger amount than the existing loan in order to convert home equity into cash. This loan is for those that would like to consolidate debt, renovate their home, pay for college tuition, save for a rainy day, or put money into retirement. Click here to learn more.
For those first time home buyers with modest savings, HomeReady mortgage can be a great option. It includes features like a low down payment, cancellable mortgage insurance* and more. *Restrictions apply.