Residential Mortgage Financing Programs
What is a Home Mortgage Loan?
A Home Mortgage Loan is a Loan from a Bank, Mortgage Broker, Mortgage Lender, or other Financial Institution that is used to Help a Borrower Purchase a Home or to Refinance a Home with a Better Interest Rate or to get additional Cash Out in hand. The Collateral for the Mortgage is the Home itself. That means if a Borrower doesn’t make the Monthly Payments to the Lender and defaults on the Loan, the Lender can sell the Home and recoup its money.
How Does a Home Mortgage Work?
A Home Mortgage is a Loan that people Use to Buy a Home, to get a Home Mortgage Loan, you’ll work with a Bank, Mortgage Broker, Mortgage Lender, or other Financial Institution Lender. In Most Cases you will start the Process with going through a Pre-Approval to get an idea of the Maximum Amount the Lender is willing to Lend and the Interest Rate you will Pay. This helps you estimate the cost of your Loan and start your search for a Home to Purchase.
What Type of Home Mortgage Loans are Available?
Conventional Home Mortgage Loans are Best for Borrowers with a Good Credit Score. Conventional Home Loans can be used for a Primary Home, Second Home, or Investment Property.
Jumbo Home Mortgage Loans are Best for Borrowers with Excellent Credit Scores looking to Buy an Expensive Home. Jumbo Home Mortgage Loans are Home Loans that fall outside FHFA Limits.
Government -Insured Home Mortgage Loans are Best for Borrowers who have a Lower Credit score and Not Much Cash for a Down Payment.
FHA Home Mortgage Loans are the types of Home Loans that help make homeownership possible for Borrowers without a Large Down Payment or Great Credit Scores.
USDA Home Mortgage Loans help moderate -to low -income Borrowers buy homes in Rural Areas.
Fixed-Rate Home Mortgage Loans are Best for Borrowers who want the Predictability of the Same Payments throughout the entire Laon Period.
Adjustable- Rate Home Mortgage Loans are Best for Borrowers who do not plan to stay in the Home for a long time and are comfortable with the risk of Larger Payments throughout the Loan Period
To learn more about these loan programs, click on any of the links on left side or contact our mortgage advisors.
We are just a call away, call us at (616) 633-3692 or click the button below to apply online.