Options for Every Borrower
Adjustable-Rate Mortgage, Refinance, Fixed-Rate Mortgage, Purchase
What Is An Adjustable-Rate Mortgage?
An adjustable-rate loan (also known as an ARM) is a type of mortgage that has an interest rate that can change over time. The interest rate is typically fixed for an initial period, and then adjusts periodically based on market conditions.
One of the main advantages of adjustable-rate loans is that they typically offer lower interest rates than fixed-rate loans during the initial fixed period. This can provide borrowers with lower monthly payments and more flexibility in their budget.
Adjustable-rate loans are available in a variety of terms, ranging from 5 to 30 years. The most common terms are 5/1, 7/1, and 10/1, which means that the interest rate is fixed for the first 5, 7, or 10 years, and then adjusts annually thereafter.
Adjustable-rate loans are a great option for borrowers who plan to stay in their homes for a short period of time or who expect their income to increase in the future. They are also a good option for borrowers who want to take advantage of lower interest rates during the initial fixed period.
At FirstClasFunds, we offer a variety of adjustable-rate loan options to meet your needs. Our experienced mortgage brokers will work closely with you to understand your unique financial situation and help you choose the best loan option for your needs. Our team of mortgage loan originators will work closely with you to ensure that you understand all of your options and choose the right loan program for your unique financial situation.
If you’re ready to explore your adjustable-rate loan options, contact us today to schedule a consultation with a member of our team. We look forward to helping you achieve your homeownership goals.
What Is A Refinance?
Refinancing your mortgage can be a smart financial move for many reasons, such as lowering your interest rate, reducing your monthly payment, shortening the term of your loan, or accessing equity in your home. There are several different types of refinance loans available, each with its own unique features and benefits.
Rate-and-term refinance loans are the most common type of refinance loan. They are used to replace your existing mortgage with a new one that has a lower interest rate, a shorter term, or both. This can help you save money over the life of your loan and pay it off sooner.
Cash-out refinance loans allow you to access the equity in your home and receive cash back at closing. This can be used to pay off high-interest debt, make home improvements, or cover unexpected expenses.
FHA Streamline refinance loans are available to homeowners with an existing FHA loan. They require less documentation and have more lenient credit score requirements, making it easier for you to refinance your mortgage.
VA Interest Rate Reduction Refinance Loans (IRRRL) are available to homeowners with an existing VA loan. They allow you to refinance your mortgage with a lower interest rate, without the need for an appraisal or credit underwriting.
At FirstClasFunds, we have experience working with all of these types of refinance loans and more. Our team of mortgage brokers will work closely with you to understand your unique financial situation and help you choose the best refinance option for your needs.
We also understand that refinancing your mortgage can be a complex process. That’s why we are committed to providing you with the support and guidance you need every step of the way. From determining your eligibility to closing the loan, we will be there to answer your questions and ensure that the process is as smooth and stress-free as possible.
If you’re considering refinancing your mortgage, contact us today to schedule a consultation with one of our experienced mortgage brokers. We look forward to helping you achieve your financial goals with FirstClasFunds Home Loans.
*Reducing your monthly payments by refinancing your current mortgage loan may increase your total finance charges making them higher over the life of the loan.
What Is A Purchase?
A “purchase loan” is a type of mortgage that is used to purchase a home. There are several different types of purchase loans available, each with its own unique features and benefits.
Conventional loans are a popular option for many homebuyers. They are not insured or guaranteed by the government, which means that they may require a higher credit score and a larger down payment than a government backed loan. However, they often offer lower interest rates and more flexible terms. These loans are often underwritten with Fannie Mae or Freddie Mac guidelines, but can also be private money or portfolio type loans that a bank or mortgage institution funds but does not sell on the open market.
FHA loans are backed by the Federal Housing Administration and are designed to help first-time homebuyers and low-to-moderate-income borrowers. You do not have to be a first-time homebuyer to use these loans. They require a lower down payment and have more lenient credit score requirements. FHA loans require mortgage insurance.
VA loans are available to active-duty service members, veterans, and eligible surviving spouses. They offer up to 100% financing and have some of the most lenient credit score and income requirements. VA loans do not have mortgage insurance requirements, but may have a VA Funding Fee requirement.
USDA loans are backed by the U.S. Department of Agriculture and are designed to help borrowers in rural areas purchase homes. They offer up to 100% financing and have more lenient credit score and income requirements.
At Amerifund, we have experience working with all these types of loans and more. Our team of mortgage loan originators will work closely with you to understand your unique financial situation and help guide you in choosing the best loan option for your needs.
We also understand that purchasing a home can be a daunting and overwhelming process, that’s why we are committed to providing you with the support and guidance you need every step of the way. From pre-approval through closing, we will be there to answer your questions and ensure that the process is as smooth and stress-free as possible.
If you’re ready to take the first step toward purchasing a new home, please fill out the form below or contact us directly to schedule a personal consultation with one of our experienced mortgage originators. We look forward to helping you achieve your homeownership goals.
What Is A Fixed-Rate Mortgage?
Fixed-rate loans are a popular type of mortgage that offer a fixed interest rate for the life of the loan. This means that your monthly payments will remain the same throughout the loan term, providing you with stability and predictability.
Fixed-rate loans are available in a variety of terms, ranging from 10 to 30 years. The most common term is 30 years, which provides borrowers with the lowest monthly payments. However, shorter loan terms offer lower interest rates and can save borrowers money in interest over the life of the loan.
One of the main advantages of fixed-rate loans is that they provide borrowers with protection against rising interest rates. This means that even if interest rates rise in the future, your monthly payments will remain the same.
Fixed-rate loans are a great option for borrowers who plan to stay in their homes for a long time and want to have a consistent mortgage payment. They are also a good option for borrowers who want to avoid the risk of rising interest rates.
At FirstClasFunds, we offer a variety of fixed-rate loan options to meet your needs. Our experienced mortgage brokers will work closely with you to understand your unique financial situation and help you choose the best loan option for your needs. For example, our 30-year fixed-rate loan provides borrowers with the lowest monthly payments, while our 15-year fixed-rate loan offers a lower interest rate and can save borrowers money in interest over the life of the loan.
In addition to fixed-rate loans, we also offer adjustable-rate loans, jumbo loans, and other loan programs to meet your needs. Our team of mortgage brokers will work closely with you to ensure that you understand all of your options and choose the best loan program for your unique financial situation.
If you’re ready to explore your fixed-rate loan options, contact us today to schedule a consultation with one of our experienced mortgage brokers. We look forward to helping you achieve your homeownership goals with FirstClasFunds Home Loans.
