TYPES OF MORTGAGES & SPECIAL PROGRAMS
When you’re ready to buy or refinance a home, you don’t want just any mortgage – you want the right mortgage for your current financial needs and long-term goals. At HGFDirect, we offer a wide range of options and will help you find the best solution. Here are a few of our most popular mortgage programs.
If you plan to stay in your home for a long period of time, a 30-year fixed-rate mortgage is typically a good choice. When rates are low, it’s a great time to lock in a low rate for 30 years.
With a fixed-rate mortgage, your interest rate does not change for the life of your loan. This gives you stability in knowing that the principal and interest portion of the loan payment will not change.
If you can manage a larger monthly payment, you may want to consider a 15-year, fixed-rate mortgage. You’ll build equity faster, pay off your mortgage faster and benefit from a lower rate.
- 15- and 30-year terms
- Options with and without mortgage insurance, and with lender paid mortgage insurance
- A variety of fixed-rate programs including Conventional, FHA, VA and much more
Adjustable-Rate Mortgage (ARM)
An adjustable-rate mortgage means that your rate may adjust throughout the life of your loan. Usually, the initial rate stays the same for a certain amount of time and then adjusts on a regular basis. For example, with a 7/1 ARM the first number indicates how many years the initial interest rate will remain fixed and the second number indicates how frequently your interest rate may adjust after the fixed period ends. An ARM adjusts based on market conditions, and your loan term includes a cap on how much the rate can be adjusted each time.
- 3/1, 5/1, 7/1 options
- Conventional and Government Programs
- Jumbo loans
FHA loans are insured by the Federal Housing Administration. Qualifying guidelines are typically not as strict as a conventional loan.
- Down payments as low as 3.5%
- Non-occupying co-borrowers are allowed (perfect for college students)
- Down payment and closing costs may be gifted by a family member
VA loans are insured by the Veterans Administration and are available to eligible veterans. Qualifying guidelines are typically not as strict as a conventional loan.
- 100% financing which means no down payment, if eligible
- Closing costs can be paid by the seller
- No private mortgage insurance premium required
Refinancing your current mortgage may make sense if you want to access your equity, lower your monthly payment, lower your rate, reduce the term of your mortgage or switch from an adjustable rate to a fixed rate.
- Cash out refinances to consolidate higher interest debt or pay for a major expense
- A streamlined option
- Various conventional and government loan programs
HGFDirect offers financing on:
- Investment properties
- Second homes
- Manufactured homes
- Modular homes
Disclosure: Financing subject to credit approval. Some restrictions may apply. Other programs available. Program conditions subject to change without notice.