Many people in the country are looking to purchase a new home. The interest rates are low, so now is an excellent time to buy. Numerous lenders offer mortgages, so you need to choose the right one for you. Franklin Mortgage is a lender that you might consider for your mortgage needs.
Franklin Mortgage is not one of the most well-known lenders; however, the company offers excellent mortgage loans to consumers. The possess qualify customer service and will work hard to get the mortgage completed quickly and easily. The lender provides loans throughout the company. Your rate will depend on your credit score, loan amount, and income.
The types of loans Franklin Mortgage offers include:
- FHA Loans: These are probably the most popular types of loans. They are backed by the Federal Government, and the credit score requirements are more lenient. This is an excellent mortgage for first time home-buyers. You could obtain a loan by only putting 3.5% down.
- VA Loans: This loan is backed by the Federal Government. In order to be eligible for this loan, you must me in the military or retired from the military. The VA will offer 100% of the funding, so you will not need to make a down payment.
- Conventional Loan: This loan is not backed by the Federal Government. You can get this loan with as little as 3% down payment.
- Fixed-Rate: With this mortgage, your rate will stay the same throughout the life of the loan. If you can get a low interest rate, this is a good choice.
- Adjustable Rate: After an initial period, your rate will change according to the market. It could increase, or it could decrease.
You can apply for a loan online. After you complete the information, you will be asked to submit documentation. Your rate will be locked in, so it cannot change. The lender will send you a Truth in Lending statement. An appraisal and inspection of the home will be needed. You will also be sent a Good Faith Estimate, so you will know exactly what you are being charged. After underwriting approves your loan, you can set a closing date.
Franklin Mortgage is a lender that you need to consider when looking for a mortgage loan. The rates are competitive, customer service is great, and you can easily pay online. It is a good idea to shop around to compare lenders.