Fixed Rate Mortgages
The beauty of fixed rate mortgages is that the interest rate never changes, no matter what. That means borrowers’ monthly mortgage payments are more stable, more predictable, and can help them financially plan out their entire year. However, a fixed rate mortgage also means that a borrower’s rate will stay put, even if rates go down. Therefore, in order to take advantage of dropping mortgage rates, a fixed rate borrower would need to refinance.
To determine if a fixed rate mortgage is the best option for your home financing needs, contact us today for more information and a complimentary rate quote.
Adjustable Rate Mortgages
Many people are drawn to adjustable rate mortgages (ARMs) due to the fact that they generally offer low introductory mortgage rates that remain in place for a certain period of time. However, the introductory rate period is only temporary and after that term expires, the mortgage rate on an ARM can adjust. This can make ARM loans a more affordable option in the short term, but a more risky home financing choice in the long run.
Talk to an experienced loan officer to help determine whether an ARM is right for you.
FHA & VA Options
LoanStream is pleased to offer government backed FHA and VA home loan solutions. FHA loans offer home buyers the ability to purchase real estate with less money out of pocket than what is available through most conventional products. For those currently with FHA loans, refinancing with a FHA streamline mortgage can potentially lower your interest rate with low closing costs. Borrowers now may be eligible to qualify with credit scores down to 550.
VA loans are available to eligible military veterans and qualifying surviving spouses. VA loans often require little to no money down and have less restrictive underwriting guidelines when compared to other traditional financing solutions. Contact LoanStream today to see if a FHA or VA loan is right for you.
Whether you’re purchasing a luxury estate in the country, a posh oceanfront condo, or a large multi-unit investment property, a jumbo loan can cover your home financing needs when conventional loan limits cannot. At LoanStream, we have access to a wide variety of loan products, including jumbo mortgages for loans that exceed the conforming limits.
Talk to one of our experienced and professional loan officers for more information and to receive a complimentary rate quote.