Types of Mortgage Loans
Conventional Loans
A conventional loan is a Mortgage loan that's not backed by a government agency.
Conventional loans are broken down into "conforming" and "non-conforming" loans.
Conforming conventional loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). However, some lenders may offer some flexibility with non-conforming conventional loans. If you would like to check your eligibility, begin the loan process or have any questions, we would welcome the opportunity to help in any way we can.
FHA Loans
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short.
Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down payments than many conventional loans. Although the government insures the loans, they are actually offered by FHA-approved mortgage lenders. FHA loans come in 15- and 30-year terms with fixed interest rates. If you would like to learn more about your options. check your eligibility or have any questions we would be happy to help.
Refinance Loans
Refinancing a mortgage effectively pays off an existing loan and replaces it with a new loan.
There are many reasons why homeowners refinance such as to obtain a lower interest rate, shorten the term of their mortgage, tap into their home equity to pay a debt or fund a purchase. One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance. Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home. If you would like better understand how refinancing would benefit you we would be happy to help.
VA Loans
A VA loan is a zero ($0) down mortgage option available exclusively to Veterans, Service Members and select military spouses.
VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). Being a veteran doesn't make a homebuyer automatically eligible for a home loan, you must meet both service requirements and credit/income requirements to be eligible. If you would like to check your eligibility, begin the VA loan process or have specific questions on the VA loan, we would be happy to help you any way we can.
