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Mortgage lenders offer hundreds of mortgage programs to fit vast variety of borrower's financial circumstances and needs. Depending on your specific situation, there may only be a few that can actually work for you.
When you select a specific program you need to consider different factors:
- What is your current financial picture?
- How do you expect your finances to change?
- How do you expect your finances to change?
- How long until you retire?
- What are your overall goals for this loan?
- How comfortable you are with your mortgage payment changing from time to time.
However, the best way to find the answer which program will work best for you is to discuss your finances, your plans and financial prospects with a mortgage consultant.
We have build strong relationships with mortgage lenders throughout the country and offer a wide range of mortgage alternatives for residential and commercial loans. To have a better understanding about the mortgage market, please learn about the different types of mortgage programs available. It will help you make smart financial decisions when you are ready to apply for a mortgage.
Mortgage loans based on the loan guarantee
- Conventional Mortgage Loans
Conventional Mortgage is any mortgage loan other than a FHA, VA, and a RHS. They are not guarantied by any government program
- Government Mortgage Loans
GinnieMae guarantees Government Mortgage Loans because they are insured by different Federal Agencies according to the mortgage loan program. The Government loans offer attractive terms and are preferred by the first-time home buyers. They feature:
- Low down payments
- Flexible lending guidelines
- Easier qualification
- Low closing cost
Government Mortgage Loan Programs are:
Mortgage loans based on the borrower's situation
- Confirming Mortgage Loans
A Confirming Mortgage Loan is a loan that conforms to the guidelines established by Fannie Mae or Freddie Mac. These guidelines establish:
- the maximum loan amount,
- down payment,
- borrower credit & income requirements,
- suitable properties.
Lenders that make loans established to these guidelines may sell those loans to Fannie Mae or Freddie Mac. The lenders may service the loan - so that a borrower will continue to make payments to the original lender. Conforming loans make up the majority of loans in the U.S.
- Non-conforming Mortgage Loans
A Non-conforming Mortgage Loan is a loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac. Non-conforming loans typically have
:
- higher rate
- different requirements for down payment.
Non-conforming Mortgage Loans are:
Mortgage loans based on mortgage rates and terms
- Fixed Rate Mortgage Loan
With the Fixed Rate Mortgage (FRM) Loan the interest rate and your mortgage monthly payments remain fixed for the period of the loan. Fixed rate mortgages are:
- Adjustable Rate Mortgage Loan (ARM)
Variable or Adjustable Rate Mortgage (ARM) is a mortgage loan whose interest rate, and accordingly monthly payments, fluctuates over the period of the loan. The interest rate changes at the predetermined period, called Adjustment Period (for example, every 1, 2 or 5 years). Adjustable Rate Mortgage Loans are:
We offer variety of mortgage programs that can fit your financial needs. Each mortgage program has several options and its own guidelines depending on your personal preferences, financial and credit situation.
Please use our mortgage calculators. The Loan Payment & Amortization Mortgage Calculator shows you how much of your payment goes to interest and principal on a monthly basis over the years. Using the Loan Comparison Mortgage Calculator you can compare different types of mortgage programs and you can figure if you are ready to buy.
 Before you sign any Mortgage Loan
read very carefully all terms and disclosures!!!
Make sure you understand them!!!
If you are ready to apply for a mortgage, please take a look at our
mortgage application helping tips .
Fill out our Pre-Qualification application, or simply contact us and a mortgage professional will assist you with all questions and concerns you may have.
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