Loan Information

Slugging through all this can be taxing, I have tried to organize things to make it as easy as possible, good luck...

Refinancing

Mortgage rates

Lenders

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.  more

A Non Conventional Loan is Any mortgage loan that is a VA, RHS or an FHA loan. more

Fixed rate loans
With fixed rate mortgage (FRM) loans the interest rate and your mortgage monthly payments remain fixed for the period of the loan. Fixed-rate mortgages are available for 30 years, 20 years, 15 years and 10 years. During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. more

Adjustable rate loans
A Variable or adjustable loan is a loan whose interest rate, and accordingly monthly payments, fluctuate over the period of the loan. With this type of mortgage, periodic adjustments based on changes in a defined index are made to the interest rate. The index for your particular loan is established at the time of application. more

Combination loans
Fixed period arms, two step mortgages, buy down mortgages, rate reduction options, and more