Family mortgage is dedicated in educating our buyers on the best possible way in which to finance there future home. We also take the time to work with our customers on refinancing, investment properties and other mortgage needs.
Family mortgage offers free consultations one on one with a professional or in our weekly seminars.
Lenders are changing and new government programs are available almost daily.
Seminars Offered
- First time home buyers
- Make the best of your refinancing
- FHA conditions and benefits
- Understanding your credit
Here are a few type of loans Thirty-Year Fixed Rate Mortgage
The traditional
30-year fixed-rate mortgage has a constant interest rate and monthly
payments that never change. This may be a good choice if you plan to
stay in your home for seven years or longer. If you plan to move within
seven years, then adjustable-rate loans are usually cheaper. As a rule
of thumb, it may be harder to qualify for fixed-rate loans than for
adjustable rate loans. When interest rates are low, fixed-rate loans
are generally not that much more expensive than adjustable-rate
mortgages and may be a better deal in the long run, because you can
lock in the rate for the life of your loan.
Fifteen-Year Fixed Rate Mortgage
This loan is
fully amortized over a 15-year period and features constant monthly
payments. It offers all the advantages of the 30-year loan, plus a
lower interest rate—and you'll own your home twice as fast. The
disadvantage is that, with a 15-year loan, you commit to a higher
monthly payment. Many borrowers opt for a 30-year fixed-rate loan and
voluntarily make larger payments that will pay off their loan in 15
years. This approach is often safer than committing to a higher monthly
payment, since the difference in interest rates isn't that great.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These
increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the
best of both worlds: lower interest rates (like ARMs) and a fixed
payment for a longer period of time than most adjustable rate loans.
For example, a "5/1 loan" has a fixed monthly payment and interest for
the first five years and then turns into a traditional adjustable-rate
loan, based on then-current rates for the remaining 25 years. It's a
good choice for people who expect to move (or refinance) before or
shortly after the adjustment occurs.
Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below
market rates so they can borrow more. The initial starting interest
rate increases by 1% at the end of the first year and adjusts again by
another 1% at the end of the second year. It then remains at a fixed
interest rate for the remainder of the loan term. Borrowers often
refinance at the end of the second year to obtain the best long-term
rates. However, keeping the loan in place even for three full years or
more will keep their average interest rate in line with the original
market conditions.
Annual ARM
This loan has a rate that is recalculated once a year.
Monthly ARM
With this loan, the interest rate is recalculated every month.
Compared to other options, the rate is usually lower on this ARM
because the lender is only committing to a rate for a month at a time,
so his vulnerability is significantly reduced.
Line of credit
An agreement by commerical bank or other financianl institution to extend credit up to certain amount for a certain time
Annul Percentage Rate (APR)
The cost of credit, expressed as a yearly rate including interest, mortgage insurance, and loan origination fees. This allows the buyer to compare loans, however, APR should not be confused with the actual note rate
Ballon Mortage
A mortgage with level monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of an earlier specified term
FHA Mortgage
A mortgage that is insured by the federal housing Administration (FHA). Also known as a government VA mortgage. A mortgage that is guaranteed by the Deparment of Veterans Affairs (VA) Also known as a goverment mortgage.
We hope this helps you in choosing family mortgage to help you with your mortgage needs. |
