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Premier Mortgage offers many types of mortgage loans to our customers. Conventional fixed rate, adjustable and balloon, FHA fixed-rate and adjustable and VA fixed-rate. Call us an we can advise you as to which type of mortgage will best suit your needs.
In addition to helping you to purchase your new home, we can also refinance your home to do improvements, debt consolidation or tapping into your equity for whatever purpose you have in mind. We utilize all of the current technology for underwriting our loans and therefore can give you quick, complete decisions. |
Conventional Conforming and Jumbo
These loans require a minimum of 3%-5% down payment based on the sales price of the home that you are purchasing. Depending on how much you put down you may or may not be subject to monthly mortgage insurance premiums.
FHA
The Federal Housing Administration insures these loans. The amount that you have to put down varies, but is usually no more than 3% of the sales price of the home that you are purchasing. Qualifying ratios can be more lenient on a FHA loan.
VA
The Department of Veterans Affairs guarantees these loans. They typically have no down payment requirement and are designed to assist veterans, those currently in the armed forced, reservists and some spouses to purchase homes.
Fixed Rate
If you want to know what payments are going to be year after year, this is probably the best type of financing for you. If taxes and insurance are part of your payment, those premiums can make your total monthly payment vary, but the principle and interest portion of the payment stays the same.
Adjustable Rate
If you know that your income is going to be increasing and you want the advantage of the lowest rates possible in the beginning of your mortgage, then an adjustable rate loan might be the rights choice for you.
Balloon Rate
Your line of work may be such that you are subject to transfers periodically. If you feel that you will be transferred in 5 to 7 years, you may want to look at taking out a balloon mortgage. These typically have lower interest rates, but also have higher down payment requirements.