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.

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.

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.

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.