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We will provide guidance to help you get the best rate and home loan that will fit your individual situation.
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Who should you consider getting an FHA loan? FHA (Federal Housing Administration) loans are government insured loans and are made for first time home buyers. An FHA loan will allow you to purchase a home with little money down and you can get approved for an FHA loan even if you have bad credit. You might consider getting an FHA loan if:
- you are buying a home for the first time
- you have little down payment to invest
- you have less than perfect credit
VA Loans were designed for American military personnel or their surviving spouses and are guaranteed by the U.S. Department of Veteran Affairs. A VA loan provides long term financing to veterans with no down payment for approved areas outside of large cities. Benefits of getting a VA loan:
- lock in low mortgage rates
- save thousands of dollars
- no down payment
A 30- or 15-year fixed mortgage rate will give you the same interest rate and payment throughout the life of the loan. The benefit of this is that the interest rate will not go up or down and the payment will remain steady throughout the years. A fixed-rate mortgage (FRM) loan has a higher interest rate than an adjustable mortgage rate (ARM), but will provide you with a predictable and steady mortgage payment. You might select a 30-year fixed mortgage or a 15-year fixed mortgage if:
- you want security in buying a home
- you want a predictable monthly payment
- you want protection from inflation
- you want the flexibility of prepaying on the principal of the mortgage loan
- you don't want the headache of worrying about fluctuating mortgage rates
A 7 year ARM or 5 year ARM provide a low interest rate for the first 7 or 5 years respectively. After the low rate period ends, the rate will adjust to the current economic indicator appropriated by the loan. An example of an economic indicator would be the Constant Maturity Treasury Index (CMT). An adjustable-rate mortgage or variable-rate mortgage can lower your first payments and then become higher over time. You might consider a 7-year ARM or a 5-year ARM if:
- your income is expected to increase in a small amount of time
- you want to take advantage of a low rate
- you want lower initial loan payments
- you want a flexible interest rate that will stay inline with the current market
- you want to sell your home within 7 or 5 years
A jumbo mortgage loan is a non-conforming loan that exceeds the GSE regulations for the maximum value for an individual. This type of loan was originally meant for luxury home purchases, but the housing bubble caused many median home buyers to qualify for the jumbo loans. As a result, jumbo mortgage rates are higher than an average conforming loan.