My Perfect MortgageLoans, Mortgages, Loan Officers & Mortgage BrokersUpdated on Jan 19, 2018 View more like this | Visit FLAT ROCK, MI | Contact Velocity Lending |
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Pick the right mortgage loan program
Selecting the right loan program for your situation is one of the most important factors in getting an affordable mortgage. Unfortunately, it’s also probably one of the least understood and least considered factor by most borrowers (and loan officers). Yes, loan officers.
That’s why it is critical for you to educate yourself on the various mortgage programs available to you. At the highest level you want to consider three key loan program categories:
Mortgage type: Considering a government-backed loan program (i.e., FHA, VA, USDA) can give you special benefits or accommodate special qualifying circumstances, whereas conventional loan programs are more common and satisfy most borrower needs.
Interest rate type: Most borrowers appreciate the certainty of a fixed-rate mortgage. However, in a rising rate market or if you only plan on being in your home a few years, an adjustable rate loan can provide a very affordable alternative.
Loan size type: Most mortgages are less than conforming loan limits set by Fannie Mae and Freddie Mac, who ultimately finances most mortgages in the US. These loans get the very best rates and terms. However, if you are buying a larger home or in a high-priced housing market you might have to opt for a non-conforming loan, sometimes called a Jumbo Loan.
Each of these categories can be mix and matched to create a multitude of options. Make sure you ask your loan officer about all of the loan options for which you might qualify.
Get live rates from top lenders.
Compare loan programs.
Apply online.
Pick the right mortgage loan program
Selecting the right loan program for your situation is one of the most important factors in getting an affordable mortgage. Unfortunately, it’s also probably one of the least understood and least considered factor by most borrowers (and loan officers). Yes, loan officers.
That’s why it is critical for you to educate yourself on the various mortgage programs available to you. At the highest level you want to consider three key loan program categories:
Mortgage type: Considering a government-backed loan program (i.e., FHA, VA, USDA) can give you special benefits or accommodate special qualifying circumstances, whereas conventional loan programs are more common and satisfy most borrower needs.
Interest rate type: Most borrowers appreciate the certainty of a fixed-rate mortgage. However, in a rising rate market or if you only plan on being in your home a few years, an adjustable rate loan can provide a very affordable alternative.
Loan size type: Most mortgages are less than conforming loan limits set by Fannie Mae and Freddie Mac, who ultimately finances most mortgages in the US. These loans get the very best rates and terms. However, if you are buying a larger home or in a high-priced housing market you might have to opt for a non-conforming loan, sometimes called a Jumbo Loan.
Each of these categories can be mix and matched to create a multitude of options. Make sure you ask your loan officer about all of the loan options for which you might qualify.
