Providing options is important.

Peace Home Lending partners with a variety of lenders and investors to provide you with multiple options for your specific home financing needs. Our Mortgage Loan Originators walk you through the details of each loan option insuring understanding and the differences allowing you to make the best decision.

Conventional loans are home loans that aren’t insured by any federal agencies like other loans are (such as FA, VA & USDA loans). Conventional loans come in a variety of options, such as those listed below.

Adjustable Rate Mortgage (ARMs): 
An ARM gives borrowers the advantage of a low introductory rate for the first few years they own their home. Adjustable Rate Mortgages can be a great option for short-term homeowners, or if you’re confident you’ll have a higher income in the future.

15-Year or 30-Year Fixed Rate Home Loan: 
The 15-year and 30-year fixed rate home loan both operate in the same way, the 15-year home loan will end quicker, meaning you pay a higher monthly payment, but also that you pay less interest on your loan. The 30-year fixed rate home loan is the gold standard of the industry, and is great at keeping monthly payments to a minimum. Both of these options give home owners stability and predictability with the same monthly payment over the lifespan of their loan.

Jumbo Loans:
Each state and county throughout the US has a “conforming loan limit” set by the federal government. Conforming loans must remain at, or under, this dollar limit… Some lenders, however, have the ability to make “jumbo loans” which are allowed to exceed that cap, reducing the down payment needed by borrowers if they’re purchasing a more expensive home.

The Federal Housing Administration (FHA) has multiple lending programs that help homebuyers with low credit scores or limited income secure their home. These government-insured home loans offer affordable interest rates, a low minimum credit score and a down payment as low as 3.5 percent. They also come in a variety of loan types, from fixed rate options to ARMs, and are great for people working on improving their credit, or for first time home buyers.

VA Loans are insured by the department of Veteran Affairs. Available to past or active service members and their spouses, VA loans offer certain terms unavailable with any other type of home loan. These include perks such as low (or potentially no) down payment, low interest rates, and more. VA “Jumbo” loans are also available, which are similar to a conventional jumbo loan, in which they’re able to exceed the conforming loan limit in your area.

When a homeowner refinances, they get a new loan to pay off their current one. This brings with it the opportunity of lowering their interest rate, changing from an adjustable rate (ARM) to a stable, fixed rate loan, or to shorten their loan term altogether. Or, to put it plainly, they can get a better loan than they did originally.

Didn’t see the type of loan you were hoping to have covered here? We offer specific loan solutions for all sorts of one-off or unique purchasing situations. Whether you’re a realtor looking for someone to recommend, or you need a loan yourself, contact us and we’ll give you a no-pressure solution you can compare with other options.

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