Over 200 Loan Programs To Get You The Lowest Rate
Expert Realty and The Home Loan Store offer over
200 loan programs to meet every
need. Whether you have perfect credit, hard to prove income, little or no
money for down-payments, existing dept or bankrupcies or other credit issues, we have a loan program that will ensure you the lowest possible rate and monthly payment.
To learn more, give us a call
at 1-877-954-5200 or apply online.
Fixed Rate Mortgages
With fixed rate mortgages, the interest rate
and your monthly payments remain fixed for the entire life of the loan. Most fixed-rate
mortgages are between 10 and 40 years, although 50-year programs are becoming more
and more popular. Generally, the shorter the term of a loan, the lower the interest
rate but the higher the monhtly payments.
Adjustable Rate Mortgages
With variable or adjustable rate mortgages (ARMs), monthly payments do not remain
fixed throughout the life of the loan. Instead, ARMs "adjust" periodically
based on a defined index such as the LIBOR. When interest rates are low, ARM's
often provide a much lower payment than fixed mortgages.
Interest-Only Mortgages
Both Fixed Rate Mortgages and Adjustrable Rate Mortgages may include an interest-only
payment option. The interest-only payment option allows you to pay just the
interest portion of your monthly payment for a fixed period of time (3-10 years).
At the end of the interest-only period, your loan becomes fully amortized and your
monthly payments increase to cover both interest and principal. The longer
the interest-only period, the higher the new payment will be once the interest only period ends.
Option ARMs
Option ARMs are one of the most flexible loan programs, offering different payment
options and qualification standards. With an Option ARM, you can choose between
four different payment options each month (minimum payment, interest-only payment,
fully amortized payment or 15-year payment), giving you the ability to change your
monthly payments as your needs and finances change.
FHA/VA Mortgages
The Federal Housing Administration (FHA) and the Veterans Administration (VA) offer
a wide range of mortgage choices, including 30 and 15 year fixed-rate mortgages
as well as ARMs. Insured by these government agencies, FHA/VA Mortgages feature
low or no down payment terms and are often assumable by future purchasers. VA loans
are restricted to individuals qualified by military service or other entitlements,
but FHA insured loans are open to all qualified home purchasers, although a number
of limitiations exist.
Bi-Weekly Mortgages
Unline most mortgages that are paid monthly, Bi-Weekly mortgages are paid every
two weeks. Because you make payments more often (reducing the total amount
of interest accrues), you are able to repay your loan much faster. For example,
a 30-year mortgage can be paid off within 18 to 19 years by maiking bi-weekly payments.
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