With a fixed-rate mortgage, your monthly principal and interest payments remain the same throughout the life of the loan. Most common fixed-rate home loan terms range from 10 to 30 years.
If you plan to stay in your home several years, a fixed-rate mortgage may be right for you.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) come with a variety of features that make them appealing to borrowers, such as lower adjustable interest rates and periodic or lifetime caps on the rate. Additionally, after construction completion, you may have the option to convert your ARM into another loan type. Most importantly, however, ARMs offer monthly principal and interest payments that change over time according to an external financial index – providing greater flexibility than fixed-rate mortgages.
Are you considering relocating or upgrading in the next few years? An adjustable-rate mortgage is your ideal choice to make this dream a reality.
A jumbo loan can provide the financing you need if your desired home is valued at greater than $647,200. Jumbo loans exceed the usual conforming loan limits of most mortgage investors and may come with additional underwriting or property requirements. With a jumbo loan, however, you could potentially secure that dream house without having to worry about maximum-loan restrictions!
If you have a low debt-to-income (DTI) ratio, an exceptional credit score, and can make a sizable down payment, then applying for a jumbo loan might be the perfect option for you.
Construction & Lot Loans
The anticipation of crafting a home tailored to your exact vision is undeniably exhilarating – from the measurements of each room to selecting the perfect shade for the walls. However, it is essential to remember that just as an architect plans with a solid foundation in mind, financing plays an integral role when building your dream house.