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If you’re looking to finance a new home or refinance your existing mortgage contact us. Our skilled mortgage specialists will be with you every step of the way with personal and responsive service, rapid and reliable answers to your questions, thoughtful guidance and competitive rates.
Buying a home is exciting, but figuring out the financing side of things can feel overwhelming.
Choosing a mortgage isn’t all that painful if you know the lingo. Here’s a primer on some of the most common types of mortgages.
FIXED RATE MORTGAGES (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
ADJUSTABLE RATE MORTGAGES (5/1, 7/1 & 10/1 ARM)
Adjustable rate mortgages contain a feature that allows the interest rate to move up and down over time (subject to limitations). Omega Mortgage Group offers Hybrid ARM options that combine the features of both fixed rate and adjustable rate mortgages. These ARM products offer an initial fixed rate term (5, 7, or 10 years) that converts to an adjustable rate term for the remainder of the loan.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low-interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of homeownership.
A department of the United States government that manages various programs related to food, agriculture, natural resources, rural development, and nutrition.
COMPONENTS OF AN ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
WHAT KIND OF LOAN PROGRAM IS BEST FOR YOU?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.