Info & FAQ’S

Yes, the different types of loan programs being offered are changing all the time. We work with our clients to find the best loan scenario for them. We differ from large banks, that are restricted in being able to only offer the programs and rates at their current time, and we have access to many different lenders and programs to find what best fits your needs. Call us and one of our licensed loan officers will guide you through the process.

A fixed-rate home loan maintains the same interest rate for the entire duration of the loan, providing stable monthly payments. In contrast, an adjustable-rate home loan (ARM) starts with a fixed rate for a specified period (e.g., 5 years) before potentially adjusting annually based on market conditions, which can lead to varying monthly payments.

It all depends on your situation and financial goals involved with the loan. For example, A fixed-rate home loan is generally better for borrowers seeking stable monthly payments and protection against potential interest rate increases over the long term. An adjustable-rate home loan (ARM) might be more beneficial if initial rates are significantly lower than fixed rates and if the borrower plans to sell or refinance before potential rate adjustments occur.

Private mortgage insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. It is typically required when the borrower's down payment is less than 20% of the home's purchase price.

The typical down payment on a house varies but is commonly around 10-20% of the home's purchase price. However, some loan programs may allow for down payments as low as 3-5%, especially for first-time homebuyers or those with certain qualifications.