Loan Programs
Loan Programs
Choosing a mortgage can seem scary, but it is often one of the most important decisions you'll make when you buy or refinance a home. SLPN Lending can offer you a multitude of loan programs, all offered to meet your specific needs. The best mortgage for you depends on your financial condition, how long you would be staying in the home and other future goals. Below is a brief overview to help understand which option might be the right fit for you.
Loan Program Options
Fixed-Rate Mortgage
- Best for: The stability and predictability of the payments, desired by most homebuyers.
- Features: The interest rate is fixed for the entire duration of the loan. You will have regular, predictable month-after-month payments that are easier to budget.
- Loan Terms: Typically have 15-year, 20-year, or 30-year terms.
Adjustable-Rate Mortgage (ARM)
- Best for Buyers who will sell or refinance before the adjustable period begins.
- Features: The interest rate of an ARM can be fixed for some years, 7, or 10 years and then it changes every year along with market rates. ARMs generally provide lower introductory interest rates than those of fixed-rate mortgages.
- Loan Terms: 5/1 ARM, 7/1 ARM, 10/1 ARM
FHA Loan
- Best for: First-time homebuyers or those with not-so-great credit.
- Features: These are FHA-insured loans, and thus do not require a high down payment, though liberal in requirements for credit, not so lenient on standards.They are excellent for those who have to put up as little as 3.5% of cash.
- Terms: Usually available in 15-year or 30-year terms.
VA Loan
- Best for: Eligible veterans, active-duty military and their spouses.
- Features: VA loans, guaranteed by the Department of Veterans Affairs, are often available with no down payment or private mortgage insurance (PMI) and provide competitive interest rates.
- Loan Terms: Usually 15 or 30 years.
Jumbo Loan
- Best for Purchasers who wish to buy a higher-priced home above the standard loan limits.
- Features: For loan amounts beyond the boundaries of the Federal Housing Finance Agency (FHFA). High-loan-amount loans are usually more strictly qualified in terms of credit and down payment, but for larger homes, there is more leeway.
- Loan Terms: Found more frequently in fixed and adjustable terms.
Which Loan Program is Right for You?
Your best mortgage depends on your goals, how long you expect to live in your home, and what sort of down payment you can manage. Let the experts at SLPN Lending guide you through the process so you will find the loan that fits your lifestyle and future aspirations. Call us today to get started finding the perfect loan for you!
