Comparing Your Home Loan Options

Results Mortgage offers a wide variety of mortgage options to finance your home or investment proiperty  purchase. Here is a overview of the five main types of mortgage products:
  Loan Features Recommended for those who are:
Conventional Mortgage
• Monthly principal and interest (P&I) payments that remain the same for the entire life of the loan
• Protection from rising interest rates
• You may choose from 10, 15, 20, 25 and 30 year fixed term
•  Prefer regular payments with no surprises
•  Limited or fixed incomes
•  Plan to stay in their homes a long time
•  Are buying a home at a time when interest rates are comparatively low
Jumbo Mortgage
• Loan size exceeds conforming loan limits of $424,100
• Offered in fixed and/or adjustable rate mortgage
• Minimum of 10% down payment is typically required
• Typically have higher interest rates since the loan amount is above the conforming limits
•  Are homebuyers looking to buy a high-end property and/or purchase in a high cost area
FHA Mortgage
• Low payment requirements (3.5% minimum)
• Flexible income, debt, and credit requirements
• Down payment and closing costs may be funded by a gift or grant
•  Are first-time and repeat homebuyers
•  With limited funds for down payment
•  With less than perfect credit
VA Mortgage
• No down payment required
• Flexible income, debt and credit requirements to help qualify VA borrowers
• Down payment and closing costs may be funded by a gift or grant
•  Are military service members (may include veterans, reservists, active-duty members)
•  Have limited funds for down payment
•  Have less-than-perfect credit
Adjustable Rate Mortgage
• Interest rate that is fixed for an initial period (3-10 years), then adjusts periodically based on market conditions
• Lower initial rate than a fixed-rate mortgage
• A variety of fixed-period options
•  Are looking to increase their short-term cash flow
•  Plan to move or refinance within a few year

Nothing substitutes for professional advice when you are applying for a mortgage. Pre-qualify for a mortgage before you start house hunting and have an experienced Results Mortgage consultant review the loan options that best meet your financial circumstances.
- Apr 15, 2019