Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift 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.
HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
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.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans 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 home ownership.
Jumbo Loans: Non- Conforming Mortgage with loan amounts at $417,000 and above. Eligible up to 95% Loan to Value with No Mortgage Insurance.
FHA 203-K Loans: The FHA Limited 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs minor and/or non-structural rehabilitation where total cost of improvements do not exceed $35,000. A HUD Consultant is not required for FHA Limited 203(k) transactions.
HomeStyle Renovation: The Fannie Mae HomeStyle® Renovation Mortgage option provides a convenient and economical way for borrowers considering moderate home improvements to make repairs and renovations with a single-close first mortgage.
Construction Loans: Constructions loans are available on loan products to include Conventional, FHA, VA and USDA. 100% financing is available for USDA and VA construction loans. Azalea Coast Mortgage offers a one - time close for FHA and VA loans. Building your dream home today with construction financing!
Manufactured Homes: Manufactured Housing is available for Conventional, FHA, VA and Second Homes. If you are building a new home with a Manufactured Housing Builder, USDA is also an option.
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.