Loan Options
Conventional Loans
A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government.
Government Insured Loans
FHA | VA | USDA
These are government insured non-conventional loans. They require smaller or no down payments when compared to conventional loans.
Fixed & Adjustable
Rate Loans
With a fixed rate, your interest remains the same throughout the life of the loan, from your first payment to your last. With an adjustable rate, the rate is periodically modified based on the market. A majority of home loans are set at a fixed rate.
Jumbo Loans
A jumbo loan is a nonconforming loans and ineligible to be sold to Fannie Mae or Freddie Mac. When a lender makes a nonconforming loan, they may hold it in their portfolio or sell it to a private investor.
Reverse Mortgage | HECM
If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
What is the best option for me?
When choosing a mortgage, you need to consider a wide range of personal factors and balance them with the economic realities of an ever-changing marketplace. Individuals’ personal finances often experience periods of advance and decline, interest rates rise and fall, and the strength of the economy waxes and wanes. To put your loan selection into the context of these factors, consider the following questions:
- How large a mortgage payment can you afford today?
- Could you still afford an ARM if interest rates rise?
- How long do you intend to live on the property?
- In what direction are interest rates heading, and do you anticipate that trend to continue?