A traditional mortgage payment is comprised of both principal and interest. With an interest-only mortgage, your payment is lower because you’re not required to pay on the principal portion of the loan. An interest-only loan is best suited for people with a high net worth, those with a potential for increasing income, homeowners who plan to move in three to seven years, and real estate investors.
Whether you’re relocating for work or simply buying a new home for yourself, our loan agents are ready to help ease the financial portion of your move. We offer all the guidance and support you will need for a fast, easy, and inexpensive closing, including specialized low-interest rates, discounted fees, flexible underwriting, and reduced documentation. We’ll give you a wide range of products to choose from – including extended rate lock and float down options – and help you select the right program for you.
A personal loan is provided when consumers want to consolidate a more considerable mortgage debt or other types of debt. Personal loans are cheaper compared to short-term loans products. Borrowers may get from $5,000 to $15,000 with a maximum term of 36 months. Sometimes, a fair credit score and Social Security Number are needed to get such a loan product.
Conventional loans originated in the 1930s after the Depression and are the benchmark of all other loan types. These loans have several traits:
This type of loan is government-backed and available only to veterans. Some of the features are:
A VA loan has an upfront requirement of a funding fee (FF). This funding fee is a one-time charge which can be rolled into the mortgage amount.
A mortgage with a loan amount exceeding the conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $417,000 in most parts of the U.S. but can increase to $625,000 in the highest-cost areas.
An FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA- approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.