Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage, includes monthly principal and interest that NEVER changes during the loan’s lifetime.
Adjustable Rate Mortgages (1/1 ARM)
Adjustable-rate mortgages include interest payments which adjust during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting, typically annually.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
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. FHA loans often allow more flexibility for those with lower credit scores.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans can 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.
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term. These are no longer common products in today's market. If available, they are typically portfolio programs used for a specific and short-term purpose. These mortgages have generally been replaced by Adjustable Rate Mortgages which do not have a "balloon" feature. Financial One doe NOT offer balloon mortgages, however, we can offer you an alternative program to replace this type of mortgage through a refinance transaction.
Reverse Mortgages allow qualified senior homeowners to eliminate monthly payments and convert a portion of their home equity into cash while still living in their home. Qualified Seniors may also downsize and purchase a retirement home with a reverse mortgage product with no payment requirements.