Mortgage Writers will meet your mortgage needs.
There are several different types of mortgages, and the service offered helps you to gain insight into what would be best for what you, the customer seeks. Some variables to this can be the length of time you anticipate being in your home, other financial obligations, or what you’re expecting to gain from the mortgage financing process.
If you think you’ll stay in the home being financed for several years to come, a fixed rate mortgage might be the best choice, seeking the lowest possible interest rate. Another alternative could include an adjustable rate mortgage (commonly referred to as ARMs), or getting a mortgage with a balloon payment so you can maintain low payments for the first few years.
The following are some alternatives in the mortgage industry:
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VA loans are designed for qualified
veterans and offer more lenient standards for qualifying than traditional loans. As of
2002, loans are available for up to $240,000 with no down payment
Conventional vs Jumbo
Conventional loans have limits set by Fannie Mae or Freddie Mac. These limits change annually based upon single-family home pricing surveys completed by the Federal Housing Finance Board every October. As of 2002, a conventional loan can be up to $300,700. Loans that are above that limit are called jumbo loans. This is because jumbo loans don’t offer the same Fannie Mae or Freddie Mac backed safety to investors as conventional loans, and the interest rates tend to be higher from about .25 to .50 percent.
Second Mortgage's are home equity loans which can be used to pay off debts or make home improvements. Typically, this kind of financing provides you with a tax advantage (consult with your accountant for specifics).
Adjustable Rate Mortgage (ARMs) is when the mortgage fluctuates according to market rate changes and economic indicators.
- Fixed rate mortgages are available in 15, 20 & 30 years
