Your home is more than just four walls and a place to sleep. It’s an investment. At no point is your home a place you assume will drain you of money and not pay you back in the future. Each payment you make toward your mortgage is money in your pocket. As you pay down the balance of your mortgage, you see the equity in your home grow. It’s your money working for you. For this reason, it’s imperative you find a mortgage that works for you.
Fairway Independent Mortgage Corporation offers a vast array of loan options for anyone looking to buy a home. These loan options help you afford more house and less fees, more house and less down payment, and more house and less stress. The loan officers at Fairway work with their customers each day to ensure their needs are met, their finances are intact, and the homebuying process is a breeze. Learn more about what Fairway has to offer buyers.
Many people consider the interest rate they have the most crucial and important aspect of their mortgage, and it is. It’s also important to have options. Sometimes it’s better to work with a higher rate and better terms than it is to work with the lowest rate from the start. That’s why Fairway offers so many loan options for those who want to buy a new home.
- Fixed rate mortgages
- VA loans
- Adjustable rate mortgages
- FHA loans
- Conventional loans
- Jumbo loans
- Reverse mortgage loans
- USDA loans
There’s no right answer for every family in the buying process. With specific needs, personal details, and a strict budget, the home loan that works for you might be different than you assume. Fairway lending officers want you to know which one might work for you so you can choose the right home.
VA, USDA, and FHA loans are all backed by the federal government. Each of these loans works for a specific set of buyers. VA loans are only available to members and former members of any branch of the military. These loans are also available to their immediate family members.
Conventional, fixed rate, and adjustable rate mortgages are more traditional. Theserequire 20% down payments and offer lower rates than many other mortgages.
Jumbo loans are like traditional loans, but they are reserved for homes with a purchase price of at least $417,000. This is the highest price for a conforming mortgage allowed in the US, which is why these loan amounts require a specific form of financing.
Refinances are available for current homeowners, and reverse mortgages are available for those who want to take money out on their home and avoid paying it back as they get older. They’re designed for a specific age, and not everyone qualifies.
FHA and USDA loans help those families with low income and no down payment, but they do require buyers spend additional funds on PMI. This is private mortgage insurance, and it’s paid with the monthly payment buyers make until what they owe on their home is less than 80% of the total value.
Finding the right loan for your new home seems intimidating, but Fairway lenders help you choose the right options. Applying for a loan before you begin shopping helps you understand how much you are approved for and how much you’ll pay in interest. It’s a company that values customer service above all else, so their loan officers are more likely to go above and beyond to help you finance the home of your dreams.