More options customized to fit your unique journey
Fixed Loan Options
A fixed-rate loan is a type of mortgage in which the interest rate remains the same for the entire term of the loan. This means that the monthly payments will be the same amount each month, making it easier for borrowers to budget and plan for the future.
A fixed-rate mortgage can have terms of 15, 20, or 30 years. The most common fixed-rate loan is the 30-year fixed-rate mortgage. With this type of loan, the interest rate and the monthly payments remain the same for the entire 30-year term.
Adjustable Loan Options
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate can change over time. One of the main advantages of an ARM is that the initial interest rate is typically lower than a fixed-rate loan. Overall, an adjustable-rate mortgage can be a good option for borrowers who want lower monthly payments in the short-term and don't plan to stay in their home for a long period of time. But it is important to be aware of the risk of the interest rate adjustment and plan accordingly.
Refinances
Refinance loans allow borrowers to replace an existing loan with a new one in order to lower their monthly payment, pay off their loan faster, or access cash from their equity. It's important to consider the costs and benefits of each option, including closing costs, and the potential impact on monthly payments, loan term, and overall interest paid.
Reverse Mortgages
Reverse mortgages are financial products that allow senior homeowners to access the equity in their homes without selling them. Home Equity Conversion Mortgage (HECM), a government-insured reverse mortgage offered through the Federal Housing Administration (FHA), requires the borrower to be at least 62 years old and to have substantial equity in their home.
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