There are several types of mortgage loans that homebuyers can get from a mortgage loan provider. It is important that those who are planning to buy a home are familiar with these loan options so that they are able to take advantage of the most ideal loan type for their unique condition.
In Encinitas, CA, one mortgage loan provider that many clients trust is HomePlus. With years of experience in the industry, the company has polished its process, giving clients top quality service that the industry can offer. One important feature of the company’s service is that it allows clients to interact directly with highly experienced loan officers throughout the application process, giving them with a more personalized customer service.
Below are some types of mortgage loans in Encinitas that HomePlus provides:
- FHA Loans – It stands for Federal Housing Administration loans; these are government insured loans specifically designed for buyers who are buying a home for the first time. They allow homebuyers to purchase a property with little down payment. Homebuyers can be approved for FHA loan even if their credit rating is not that good.
- VA Loans – This type is designed specifically for American military personnel or their surviving spouses and are guaranteed by the U.S. Department of Veteran Affairs. Some of the benefits of a VA loan include: lock in low mortgage rates; no down payment; an opportunity for more savings.
- 7/1 ARM Loans & 5/1 ARM Loans – These provide a low interest rate for the first 7 or 5 years respectively. This type of loan is ideal for homeowners whose income is expected to increase in a small amount of time, for those with lower initial loan payments, and those who plan their homes sold within 7 or 5 years.
- 30 Year Fixed Loans & 15 Year Fixed Loans – In simpler terms, this type of loan will give homebuyers a fixed mortgage rate; the same interest rate and payment during the entire duration of the loan. This offers an advantage for those who are looking for mortgage loans in Encinitas who want more security in buying a home. This type of loan is also popular because of predictable monthly payment, and a level of protection from inflation.
Looking for mortgage loans in Encinitas, CA? Contact HomePlus today.