There are several types of mortgage loans that homebuyers can get from a mortgage loan provider. It is imperative 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 option for their unique condition.
In Mira Mesa, CA, there is one mortgage loan provider that many clients in the area put their trust on — HomePlus. With years of experience in the industry, the company has refined its process, giving clients top quality service that the industry can offer. One important feature of the company is that it allows clients to interact directly with highly experienced loan officers throughout the entire process, giving them with a more personalized customer service.
Here are some types of mortgage loans in Mira Mesa available at HomePlus:
- FHA Loans – It stands for Federal Housing Administration loans; these are government insured loans specifically designed for first time home buyers. They allow homebuyers to purchase a home even with little money to put as down payment. Homebuyers can be approved for FHA loan even if they have bad credit rating.
- VA Loans – 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 getting a VA loan include: lock in low mortgage rates; no downpayment; thousands of dollars saving.
- 30 Year Fixed Loans & 15 Year Fixed Loans - In simple words, this type of loan gives clients a fixed mortgage rate — the same interest rate and payment in the entire duration of the loan. This gives an advantage for those who are looking for mortgage loans in Mira Mesa that give more security for home purchase, with predictable monthly payment, and has a level of protection from inflation.
- 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, those with lower initial loan payments, and those who want to sell their home within 7 or 5 years.
For more questions about mortgage loans in Mira Mesa, contact HomePlus today.