Adjustable-rate mortgage (ARM) loans have an interest rate that will adjust from time to time according to market conditions and are considered to be not predictable.  This option is more beneficial if you are looking to stay in the home for just a few years.  The benefits of this option include saving on interest payments and enjoying a lower fixed rate during the initial period…  <Read More…>

Fixed-rate mortgage loans lock in the same interest rate for the entire term, which means your monthly payment will also remain the same.  These factors will never change, this type of loan has a high level of predictability.  The most common fixed-rate loans usually come in terms of 15, 20, or 30 years.  This is a good option for a homeowner looking to stay for at least seven years or more… < Read More… >

FHA loans allow you to purchase a home with a low down payment or average credit.  Home buyers can qualify for this type of loan with a down payment of as little as 3.5% of the purchase price and a credit score of 580 or higher.  This type of loan is popular for first-time home buyers… < Read More…>

VA loans exist for borrowers that are members in active duty, or veterans of the U.S. military and their families.  A down payment is usually not required and fees can be rolled into the loan amount.  Other benefits include exemption of private mortgage insurance, and flexibility with credit scores… <Read More…>

USDA loans help moderate-to-low-income homebuyers purchase homes in rural areas.  Borrowers in need for this type of loan have less-than-ideal credit and cannot qualify for a conventional loan.  You will be able to finance 100% of the purchase price and enjoy reduced mortgage insurance premiums… <Read More…>

FHA 203k rehab loans allow you to finance the purchase price plus renovations for the home.  It usually serves borrowers who purchase an older or damaged home.  This loan is perfect if you are looking to buy a fixer-upper and get cash back for repairs… <Read More…>

Conventional loans are any type of loan for homebuyers that is not offered or secured by a government entity, as in the case of FHA, VA, or USDA.  They are instead guaranteed by a private lender such as banks or credit unions.  These types of loans benefit you if you have money for a down payment and a good credit history.  It allows you to avoid paying for private mortgage insurance (PMI), which can save a lot of cash… <Read More…>

Jumbo loans exceed the conventional federal loan purchase price limits and are designed to finance luxury properties and homes in local real estate markets which are highly competitive.  You should have good to excellent credit score, high income, and a significant down payment amount… <Read More…>

Home refinance loans allow you to get a new mortgage to replace an existing one to obtain better interest rates and terms.  These loans also give you the ability to access cash from the accumulated equity of your home.  You can tailor the new mortgage terms to suit your needs.  Refinancing can give you a higher loan amount, different year terms, a lower interest rate and payments, the ability to cancel private mortgage insurance, or access cash from your equity to use for home projects or personal expenses… <Read More…>

A reverse mortgage loan is designed for seniors age 62 and older.  It allows you to access cash with no monthly mortgage payments.  The cash can be used for home renovations, medical bills, or even living expenses.  You will be able to defer payments until you die, sell, or move out of the home… <Read More…>

A second mortgage loan allows you to borrow against the value of your home.  Since your home is an asset, it can gain value over time.  These are also known as HELOCs (home equity lines of credit).  The  accumulated equity can be accessed and used for home projects or personal financial goals… <Read More..>