Buying

Your options and the benefits:

Fixed Rate
Loan

The most common type of loan is a Fixed Interest Rate Loan where the rate is locked for the term of the loan with no possibility of adjusting.

The most common terms for these loans are 10, 15, 20, 25, and 30 years. The most obvious benefit of a fixed rate loan is the stability of the expense over the term of the loan. Most people will choose a fixed rate loan because they want an affordable and predictable payment on their mortgage.

Adjustable Rate
Loan

One of the more popular loan options for borrowers looking for a reduced initial payment is an Adjustable Rate Loan, or ARMs. ARMs have an Initial period where the rate is fixed and then the rate begins adjusting once that initial period has expired. The initial periods for ARMs are as short as 3 years and as long as 10 years, depending on the borrowers circumstances and goals. The most obvious benefit of an ARM is the initial lower payment during the fixed rate period.

FHA
Loan

A low-down payment loan that offers more lenient underwriting guidelines because each loan is sponsored by the government and insured by a mortgage insurance policy. Programs start with as little as 3.5% down and gifts are allowed so the buyer could potentially purchase a home with ZERO dollars out of pocket. The most obvious benefit of an FHA loan is the lower down payment and the opportunity it offers for more borrowers to own their home.

VA
Loans

A no-down payment loan that offers veterans more lenient underwriting guidelines because each loan is sponsored by the government. This Program is a way of saying Thank You to all of our servicemen and women who have served in the military. Programs start with as little as 0% down and ZERO out of pocket. The most obvious benefit of a VA loan is the 0% down payment and the opportunity if offers to all of our veterans to own their home.

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