Plantation Mortgage Broker - Pre Approvals, Refinances, & Purchases
There are many different reasons for you to seek out a mortgage. Perhaps you are trying to buy your first home and you want to make sure you have the financing you really need to pull it off. This is a great reason for seeking out a mortgage, especially if you are trying to start a family, or even move your existing family into a new home. Maybe you’re looking for something fancier, maybe you need more room, or on the opposite end of the spectrum, maybe you are actually looking to downsize.
An alternative reason for seeking out a home mortgage is for renovations, whether it is for your current home or for a renovation project you wish to purchase, a loan can save you a considerable amount of trouble, and you need to know the different types before you jump right into the deep end. Take a look at some of the most popular types of loans on the market. With over 100 positive Zillow ratings, we are certain to find the best home loan for you.
FHA Loans & First Time Home Buyers
The FHA loan was first established by the National Housing Act of 1934 which was designed to help decrease unemployment while increasing home construction. Thought the FHA(Federal Housing Administration) is in fact a type of financial support system, it does not actually provide the loan in question. Instead, applicants will need to undergo an approval process at an approved lender which will determine their eligibility.
The FHA loan is for the first time home buyer and it serves to eliminate the normal 20% down payment requirement. While 20% might not seem like a large number, it can be encumbering for those who simply do not have that sort of money laying around. To find out if you qualify for an FHA loan, give us a call today.
VA Loan Mortgage Broker
The VA loan is reserved for those who have served their country with honor and there are a number of changing restrictions which can be viewed on the VA loan page. In essence, however, you will need to have served for a specific amount of time, and that time period most often depends which era you served in. In addition to that, you will find you are eligible to a number of other benefits. As you move through this process you will need your eligibility paperwork, your DD-214, and of course, all of your pertinent information such as your social security number, etc.
Reverse Mortgage Loans
This type of loan is a bit different in that it does not need to be repaid within the lifetime of the individual who has taken out the loan. Instead, it will simply be paid out to the individual by the lending institution in installments. The reverse mortgage loan is a great way for a senior citizen to receive payments on top of their disability or social security without compromising either. Think of it as a bonus for your golden years, and a way to have a little more fun. The downside is that your home will be taken by the lending institution in question once you and your spouse die.
Conventional Mortgage Broker
Obviously the conventional mortgage is the most common and it is sought out for a number of different reasons. First of all, there are those who want to buy a new home, similar to their reasons for seeking out the FHA home loan. The difference however is that there are no breaks for those who do not have the cash on hand. You will pay the full 20% or more, depending upon your credit score. Remember, those who have a credit rating of 700 or higher will obviously have better luck getting a loan with not only a lower down payment, but a lower monthly interest, keep that in mind.
When you are looking into a conventional loan consider whether you want a Fixed Rate or an Adjustable Rate. Both of these are acceptable, but the Fixed Rate is more common for those who wish to remain in the home for the long term. Also, unlike FHA loans, a conventional mortgage may be taken out for the sole purpose of renovations rather than purchasing a new home.
Jumbo Loan Mortgages
The Jumbo Loan is a loan that exceeds the amounts set by the top two government loan institutions, and they are not offered by all lenders. They tend to exceed $400,000 to $600,000, but they are becoming far more common due to the economical inflation we have seen over the past few years. Along with that, the jumbo loan is generally only issued as an adjustable rate mortgage, making it inaccessible to those who are unwilling to take the risk. Still, the market does not move much, which render it potentially worthwhile, especially for those looking to move into better areas with family.
These are just a few different types of loans on the market. To find out more, speak with a lending agent or give us a call, we’re always happy to help!