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Mortgage Loans

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.

A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

We’re here for you, every step of the way.

Once you select us to obtain your home loan, you’ll be amazed at how quickly and simply the loan process moves. Before you know it, you’ll have a mortgage that suits your lifestyle and saves you money.

Mortage loan types

Most of the following mortgage loan programs have options for primary residence, second home, and investment properties:
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10 - 30 Year Fixed Rate Mortgage:

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.

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Adjustable Rate Mortgage (ARM):

Increasingly popular are Hybrid ARMS—also called 3/1, 5/1 or 7/1— which can offer the best of both worlds: lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

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Conventional:

Most mortgages fall into this category which offers various options for down-payments as low as 3%, terrific interest rates, and cost of credit.

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U.S. Dept. of Agriculture (USDA):

Low down-payment, low interest rates and cost of credit for properties in designated USDA areas.

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Veteran's Administration (VA):

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

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Federal Housing Administration (FHA):

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

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Jumbo:

Loans for amounts exceeding the conforming loan limits established by regulation.

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Small Commercial Real Estate Loans:

Loans for property types – Multifamily, Mixed-Use, Office, Retail, Warehouse, Light Industrial, Self-Storage.