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MORTGAGE LOAN OPTIONS
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily I am here to help you choose the best type of home loan for your needs.
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The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime, unless you decide to refinance down the line.
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Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you to afford and hence purchase a more expensive home.
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Conventional/FHA Home Loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
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Non-QM (non-qualified mortgage) loan uses bank statements and P&L reports in lieu of tax returns for entrepreneurs who don’t show a lot of income on their tax returns.
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A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARMs. At the end of the interest only period, the loan becomes fully amortized, thus resulting in greatly increased monthly payments. The new payment will be larger than it would have been if it had been fully amortizing from the beginning.
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A graduated payment mortgage is a loan where the payment increases each year for a predetermined amount of time (such as 5 or 10 years), then becomes fixed for the remaining duration of the loan.
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The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
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A Jumbo Loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan as determined by the Federal Housing Finance Agency (FHFA).
I will be the cheerleader you need to get you through the finish line!
If you aren’t sure which loan is right for you, book a loan consultation and I can help you understand your options.
“Helena Jones-Kim was outstanding! She responded quickly, understood my vision of homeownership, and guided me with clarity and care. Her professionalism and expertise made the process smooth and stress-free. Thanks to Helena, I’m now a proud homeowner. I highly recommend her to anyone needing a great lender!”
