Mortgage Loan Programs
Popular Mortgage Terms
30-Year Fixed Mortgage Loan -
Since the early 1980’s, borrowers have flocked to the thirty year home mortgage loans with fixed rate schedules. With 30-year loans, interest rates do not move and after 360 monthly payments the home is paid in full.
Borrowers like this loan because the rate is fixed and the term is stretched long enough to make the payment affordable. Rates on the 30-year fixed mortgage fell to 3.5% which is considered a new record and has caused a surge in applications.
15-Year Fixed Mortgage Refinance
The fifteen year mortgage loans is a traditional term is very popular with accountants and pragmatic financial planners. With 15-year loans, interest rates are fixed and after 180 monthly payments the borrower will own the property outright. Frequently mortgage lenders will offer a quarter of a point discount off the interest rate for borrowers who commit to the 15-year mortgage. The fixed 15-year mortgage averaged 2.83% this week in a survey reported by Freddie Mac.
Popular Home Loan Types
VA Mortgage Loans – Streamline
With VA mortgages, veterans get access to purchase money with no money down. 100% home financing is almost extinct, but military veterans continue to buy homes with a 30-year fixed rate mortgage insured by the Dept of Veterans Affairs. If you have low fico with trans Union, Equifax and Experian you will be happy to know there are still companies that take chances. Check rates on bad credit mortgages today.
When rates drop, VA borrowers can refinance with a VA streamline that requires no appraisal and allows the veteran to skip one or two mortgage payments.
FHA Home Mortgage Loan
With a FHA home financing is easy. 1st time homeowners and experienced home buyers a like only need 3% down when taking out a new government insured purchase mortgage. The mortgage insurance is minor and the credit requirements are extremely forgiving. FHA mortgage qualifications are not credit score driven like conforming underwriting, so if your fico score is low, do not fret.
Buying a house doesn't have to be rocket-science if you get financing help from lenders that specialize in first time home buyers mortgages. Our loan companies extend finance solutions for new home buyers with a variety of loan type such as, conventional, FHA, VA, USDA and private money.
GSE Freddie Mac announced that the rates on 15 and 30-year mortgages this week fell to the lowest point since the company started recording interest rates in 1971.