Mortgage loan programs are constantly changing and evolving to reflect current market conditions. A licensed, mortgage loan specialist at Envoy Mortgage will be able to help you determine which program best suits you.
The following information will give you a broad overview of the many different types of mortgage loan programs that you could consider. Each home loan program is distinct and has many different requirements that are related to the borrower and also the property. A mortgage loan specialist at Envoy Mortgage will be able to further assist and give you the information you need about mortgage loan programs available to you.
Fixed Rate loans gives home buyers the ability to maintain the same rate and payment throughout the life of their loan.
Adjustable Rate loans begin with a set interest rate but once that initial period has passed, rates will vary according to market trends.
FHA loans are insured by the Federal Housing Administration and require mortgage insurance. These loans usually offer lower down payment options and more lenient credit score requirements.
Jumbo loans are loans for a home that is priced higher than loan limits set in place by Fannie Mae or Freddie Mac. In most of the U.S., the Jumbo loan limit is $453,100.
Renovation Loans allow buyers to borrow based on what the house is expected to be worth after the home has been repaired or renovated.
U.S. Department of Agriculture loans are offered to home buyers purchasing a home in rural developments.
The VA loan is a home-mortgage option available to American Veterans and their families. No PMI or down payment is required in order to obtain a VA loan.
Refinancing your home is the process of paying off any existing mortgages on a home with a new mortgage loan.
Many existing home owners choose refinancing as a strategy to help them meet their goals. Some benefits to refinancing your home include getting extra cash for any expenses you have, to shorten your mortgage term, closing in on a lower mortgage rate and more.
This type of refinance option allows homeowners to increase the amount that they are borrowing by pulling from the current equity in their home and taking out the difference in cash.
With this refinance option, the rate and term of your loan are the only changes that occur.
Visit mortgagecalculator.org to learn more about refinancing.