Category: Loans

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Homebuying Loans Mortgages Purchase

Conventional Loans

Conventional (conforming) mortgage loans are financed and insured by private lenders and investors, rather than being insured by the Federal Government (FHA). Conventional loans are often sold to Freddie Mac (FHLMC) or Fannie Mae (FNMA), the largest source of loan funds in the United States, who purchase closed mortgages, freeing up funds so lenders can make more home loans. A conventional loan may also offer the choice to pay homeowners insurance and taxes directly, rather than be included in the monthly payment each month.

A conventional refinance can be a excellent way for FHA homeowners to cancel their FHA mortgage insurance premiums. Rather than refinance with the FHA, homeowners can opt to refinance with a conventional loan instead. This strategy is increasingly popular as home values continue to recover nationwide. The rules are basically the same for refinance as they are for purchase, but the results can prove to be a great way to save money on both the short and long run. Simply call MortgageRight for more info.

Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.

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Government Loans Homebuying Loans Mortgages Purchase

VA Loans

The VA (Veterans Affairs) loan helps service members, veterans and their families become homeowners by providing a home loan guaranty benefit and other housing-related programs to help veterans obtain, retain, or adapt a home for personal occupancy.

VA guaranteed loans are provided by private lenders, such as banks and mortgage companies, and not by the VA directly. The U.S. Department of Veterans Affairs is not a direct lender, therefore the loan is made through a private lender and partially guaranteed by the VA so long as guidelines are met. Through the VA Home Loan Guaranty Program, VA guarantees a portion of your loan against loss and helps lenders provide you with more favorable financing terms.

The VA loan remains one of the few mortgage options for borrowers who do not have a down payment. VA loans are available to more than 22 million veterans and active military members.

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

MortgageRight is Veteran Owned and Operated and understands the needs and requirements of our veterans. We remain steadfast in honoring their dreams of homeownership.

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Homebuying Loans Mortgages Purchase

Jumbo Loans

A jumbo rate loan is a loan that exceeds conventional or conforming loan limits (the amount Fannie Mae and Freddie Mac will buy) and is a great loan for purchasing a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment – a jumbo rate loan may be right for you.

In most housing markets that amount is $417,000 and any mortgage more than that is a jumbo mortgage loan. Jumbo loans are available for primary residences, second or vacation homes and investment properties and are also available in a variety of terms.

They are offered in both fixed-rate or adjustable-rate loans and may have higher interest rates than conforming and conforming high-balance home loans. Jumbo loans may also require stricter underwriting and typically require a higher down payment, higher credit score and reserves. Jumbo rate loans have no private mortgage insurance requirements.

The perks of the jumbo rate loan are numerous.

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