Purchasing or refinancing a home is a long-term financial commitment, and our expert mortgage professionals are committed to ensuring that you know exactly what you’re getting into and how to handle it in the best way possible before
There are a number of different programs available, so to help you narrow your search, we’ve put together a quick guide that will help you to identify your loan options.
To determine the best loan program for you, you should consider the following factors:
If you’re on a monthly budget, and need to keep your mortgage payment to a specific amount, then a fixed rate mortgage is your best and only option.
However, if your financial situation allows you to handle a little bit of uncertainty with regards to your payment amount, you may want to explore other loan options such as an adjustable rate mortgage (ARM).
Generally speaking, the longer the term of your mortgage, the longer it takes for you to start accumulating a significant amount of equity in your home. If maximizing equity accumulation is one of your goals, then you should consider a loan with a shorter amortization period such as a 15 year, fixed rate mortgage.
Though they’re not for everyone, adjustable rate mortgages (ARMs) and temporary buydowns can be beneficial for buyers who are expecting significant and nearly certain income growth in the near future. These types of programs offer lower payments initially, which will increase in the future according to the specific terms of your loan.
If you’re purchasing your dream home, then you’re probably going to be considering different loan options than the recently relocated corporate executive on a five year temporary assignment.
If you’re planning to raise a family and eventually retire in the home you’re purchasing, then a fixed rate loan with a longer amortization might be appropriate for you.
But if you’re not planning on staying put for longer than a few years, you might benefit from the lower payments that an interest only loan or an adjustable rate mortgage (ARM) can offer.
There are a number of factors that may affect the types of loan programs that you can qualify for, such as the amount of available money that you have up front, the amount that you need to finance, and your credit history. Our experienced mortgage professionals will talk you through the details and help you to make the best decision based on the realities of your individual situation.
Now that you know a little bit about the types of programs available to you, feel free to contact us and one of our experienced mortgage professionals will help you get started.
We offer a number of different programs to help you maximize your options, including: