Mortgage Types
Cary, NC
Besides all the different home loan programs available, there are also a multitude of types of mortgages for every need.
What type of mortgage is best for you depends on your personal situation. The final home loan terms you decide on will factor in everything from qualifying now to your long term goals...
And everything in between!
MORTGAGE TYPES
On top of knowing the various home loan programs, it's important to understand the various mortgage types available to you.
A fixed-rate mortgage is a type of mortgage loan that has a fixed interest rate for the entire term of the loan. Generally, lenders can offer either fixed, variable or adjustable rate mortgage loans with fixed-rate monthly installment loans being one of the most popular mortgage product offerings.
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly. .
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.
A VA loan is a mortgage loan available through a program established by the US Department of Veterans Affairs. VA loans assist service members, veterans and eligible surviving spouses to become homeowners.
The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. USDA sets the guidelines and ultimately underwrites the file.
ctp/ rehab loans
CTP (construction-to-permanent) financing refers to the loans used to purchase and build the home of your dreams through a builder. Rehab loans are designed to help you make improvements to your home as either a purchase or refinance.
conventional mortgage or conventional loan is any type of home buyer’s loan that is available through mortgage companies through the two government-sponsored enterprises, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC).
A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency. Designed to finance luxury properties and homes in highly competitive local real estate markets, jumbo mortgages come with unique underwriting requirements.
HELOC / HELOAN
HELOCs are Home Equity Lines of Credit and HELOAN refers to Home Equity Loans. The major difference is that a HELOC is an open ended revolving line of credit (like a credit card) while a HELOAN has a fixed payment and term.
YOUR LOCAL CARY MORTGAGE LOAN OFFICER
Choosing the Best Mortgage Type Begins with Choosing the Best Loan Officer
You can't be expected to learn everything about every program and know exactly which mortgage program is right for you.
That's your loan officer's job to do that for you!
We take care to review your information and determine which programs you qualify for and the pros and cons of each so we can share it with you and help you make the right the choice for yourself.
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