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https://www.guaranteedrate.com/home-loans/ - Guaranteed Rate, Inc. is a customer-centric mortgage provider dedicated to offering the best mortgage options to our customers. We offer low rates, top-notch customer service, and a process that makes getting your home mortgage quick and easy!
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Low Rate Home Loans & Mortgage Options Guaranteed Rate, Inc. is a customer-centric mortgage provider dedicated to offering the best mortgage options to our customers. We offer low rates, top-notch customer service, and a process that makes getting your mortgage quick and easy!
1. 30-year Fixed Rate Mortgage If you have plans to stay in the same house for a long period of time, then this mortgage option could be a great option for you. The rate of interest on the loan remains constant for the entire tenure of 30 years, so you can budget your finances with consistent monthly payments. The 30 years of tenure reduces your monthly mortgage bill, making your monthly payments more affordable and convenient.
2. 15-year Fixed Rate Mortgage If you want to pay off your loan quickly, then you may want to choose a 15-year fixed rate mortgage. With 15-year fixed rate mortgage, you can take advantage of a fixed interest rate for a relatively short term. Get lower interest rates anda shorter term than a 30-year fixed rate mortgage!
3. Adjustable Rate Mortgage This mortgage option is great if you’re not planning on staying in your new home very long. A fixed interest rate is charged for a certain period of time (i.e. 5-7 years). After the completion of the initial term the rates change according to the current rates. Get extra protection and lower interest rates compared to fixed-rate mortgages!
4. Jumbo Mortgage If your loan requirement is more than the conforming loan limit of $424,100 and $636,150 in high-cost areas, you can opt for a jumbo mortgage. With a jumbo loan both fixed and adjustable rates are available. If you’re financially eligible, you may be able to purchase a big, beautiful, high-value home with a jumbo mortgage! Timely payments on your jumbo mortgage can help improve your credit quickly.
5. Federal Housing Administration (FHA) Loan FHA loans are insured by the Federal Housing Administration, to ease the entry of home buyers and refinancers. The Federal Housing Administration offers benefits like low down payments, flexible credit requirements and more purchasing power. There is no maximum income restriction and they can finance beyond 80% of your home value.
6. VA Home Loan VA home loans are for veterans, active-duty service members and their families, and the US Department of Veterans Affairs supports it. Down payments are an option, though not compulsory, with VA loans. There is no private mortgage insurance (PMI) required if the loan amount is at or under the conforming limit. Qualifying for a VA home loan is easier as there are reduced restrictions. You are allowed a higher debt-to-income ratio and leniency on your credit score.
7. Interest-Only Mortgage During the initial term period of 5 to 10 years, only the interest amount will be covered. Your principal amount will be covered later, as the term ends. Pay low monthly payments at the initial stage and when your income increases, you can make larger payments and cover your principal amount. Purchase a high-value home even when your current income is low if you are sure it will increase in the future.
