What Are My Options?

The right home mortgage loan can mean significant savings on your total mortgage costs. Whether you need conventional, government or jumbo financing, our mortgage lenders can introduce an option that’s right for you.

• Fixed Rate Loan
  

  Want stable monthly payments? Consider a fixed rate home loan. This plan is a smart long-term option for a conservative buyer. "Fixed" means that your interest rate and monthly principal and interest loan payments remain the same for the duration of the loan. The mortgage loan is generally available in 10, 15, and 30 year terms and is fully amortized during the loan term period.

• 3, 5, 7, 10 Intermediate Adjustable Loan
  

  Intermediate Adjustable Rate Mortgages (ARMs) offer a fixed initial rate that is typically lower than the market rate, allowing for lower monthly payments during the initial 3, 5, 7, or 10 year terms. After that time, the home mortgage loan will adjust annually based on a predetermined index and margin. Rate changes are typically capped for each adjustment period and the life of the loan. Consider this option if you plan on selling your home before the initial fixed period or if you think interest rates will decrease over time.

• Government Loans
  

  VA loans offer 100% financing, require no private mortgage insurance and are available for eligible veterans. FHA loans are insured by the Federal Housing Administration and offer flexibility for a lower down payment and credit qualifications.

What Is The Process?

Getting ready to buy a home, but not sure how the mortgage process works? Here’s a simple breakdown that will take you through each step along the way. While your loan conditions and closing requirements will be tailored to your particular loan and lender requirements, this list should help the loan process go quicker and smoother.

Step 1: Prepare

1. Determine if you want to buy
2. Build a budget
3. Check your credit score
4. Research loan options & mortgage companies

Step 2: Get Pre-Approved & Apply

1. Select a mortgage company
2. Gather documents
3. Discuss mortgage options and finances with mortgage counselor
4. Get pre-approved with a mortgage counselor

Step 3: Mortgage Processing

1. Find a home
2. Make an offer on a home
3. Order home inspection upon accepted offer
4. Lock-in interest rate

Step 4: Closing

1. Discuss final funds with your mortgage closer
2. Provide proof of insurance
3. Sign your closing documents
4. Get keys to your new home!