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Loan Options

What Mortgage Option Fits Your Needs?

EASIER QUALIFICATION LOAN FLEXIBILITY RATE
SECURITY
LOWER EQUITY/ MONEY DOWN

FIXED RATE

With a fixed rate mortgage, the principal and interest portion of your loan remains the same for the entire loan term. Your monthly payments and loan term are fixed when you originate the loan providing predictability and security.

ADJUSTABLE RATE

With an adjustable rate mortgage (ARM) the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which the interest rate resets periodically.

FHA

Insured by the Federal Housing Administration (FHA), an FHA mortgage may have easier qualification and down payment requirements than a conventional mortgage. Although interest rates may be somewhat higher than other options and monthly mortgage insurance is required, it allows you to borrow up to 96.5% of the home value. This may be a good option for homebuyers who have lower to moderate income or are first-time buyers.

HARP

The Home Affordable Refinance Program (HARP) is a federal program established by FHFA (Federal Housing Financing Agency) to help underwater and near-underwater homeowners refinance their mortgages. This program is available through September 30, 2017 and only applies for loans owned by Fannie Mae or Freddie Mac. With HARP, borrowers may get a lower interest rate, shorter loan term, or change from an adjustable to fixed-rate mortgage.

FIXED RATE

With a fixed rate mortgage, the principle and interest portion of your loan remains the same for the entire loan term. Your monthly payments and loan term are fixed when you originate the loan providing predictability and security.

  • RATE SECURITY

ADJUSTABLE RATE

With an adjustable rate mortgage (ARM) the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which the interest rate resets periodically.

  • LOAN FLEXIBILITY

FHA

Insured by the Federal Housing Administration (FHA), an FHA mortgage may have easier qualification and down payment requirements than a conventional mortgage. Although interest rates may be somewhat higher than other options and monthly mortgage insurance may be required, it allows you to borrow up to 97% of the home value. This may be a good option for homebuyers who have lower to moderate income or are first-time buyers.

  • EASIER QUALIFICATION
  • LOAN FLEXIBILITY
  • RATE SECURITY
  • LOWER EQUITY/ MONEY DOWN

JUMBO

A Jumbo Mortgage is a home loan with an amount that exceeds conforming loan limits established by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. Higher down payments may be required for Jumbo mortgages due to the higher loan amount.

  • LOAN FLEXIBILITY
  • RATE SECURITY

HARP

The Home Affordable Refinance Program (HARP) is a federal program established by FHFA (Federal Housing Financing Agency) to help underwater and near-underwater homeowners refinance their mortgages. This program is available through September 30, 2017 and only applies for loans owned by Fannie Mae or Freddie Mac. With HARP, borrowers may get a lower interest rate, shorter loan term, or change from an adjustable to fixed-rate mortgage.

  • EASIER QUALIFICATION
  • RATE SECURITY
  • LOWER EQUITY/ MONEY DOWN
Homeward Residential Inc. is not currently licensed to originate mortgage loans in Massachusetts, New York, Utah, and Virginia.