Get Pre-Qualified Today!

Most mortgages are on a repayment basis which means you repay part of the capital and the interest every month. At the end of the term, which is normally between 25 or 30 years, your mortgage debt will have been totally repaid.

Getting Pre-Qualified

Getting pre-qualified is the initial step in the mortgage process. You supply your overall financial picture, including your debt, income, and assets. After evaluation, a lender can give you an idea of the mortgage amount for which you qualify.

What Type of Mortgage Loan is Right for You?

When you are shopping for a mortgage, there are several different types of loans you can choose from. You’ll want to look at several factors including loan type, length of the mortgage, interest rate and the other terms. It is important to carefully consider your options and make a well-informed decision.

FHA Loans

The FHA Loan Program Was Created by The Federal Housing Administration (FHA),to Help Increase Home Ownership. An FHA loan is a government-backed mortgage insured by the Federal Housing Administration.

FHA home loans require lower minimum credit scores and down payments than most conventional loans, so they are popular with first-time homebuyers.

VA Loans

The VA helps Service members, Veterans, and eligible surviving spouses become homeowners. They provide a home loan guaranty benefit and other housing-related programs to help you buy, build, or repair your home.

VA Home Loans are provided by private lenders, such as banks and mortgage companies, but the VA guarantees a portion of the loan, enabling the lender to provide veterans with more favorable terms.

VA loans do require quite a bit of paperwork and a lengthy approval process, but they can be very beneficial if you qualify.

Conventional Loans

A conventional mortgage loan meets the requirements for Fannie Mae and Freddie Mac, which include specific down payment percentages, higher credit scores, decent debt-to-income ratios, and median income requirements.

Because there are several different sets of guidelines that fall under the “conventional loan requirements,” there is no single set of requirements for borrowers and those requirements may change based on your specific situation and location.

However, in general, conventional loans have stricter credit requirements and often require higher down payment.

Reverse Mortgages

A Reverse Mortgage is essentially a financial agreement with a homeowner who gives up equity in their home in exchange for payments, usually to supplement retirement income.

Unlike other mortgages, a Reverse Mortgage rises over time as they accrue interest that the homeowner either has to pay back in order to keep the home, or the homeowner can choose to relinquish the property as payoff for the loan. Usually the homeowner lives in the home while they draw payments from the equity and the home is sold upon the owners passing.

These mortgages are backed by the Federal Housing Administration (FHA), and the borrower pays an insurance premium in order to participate in the program.