Mortgage Loan Options
Below are some loan products we have to offer, from fixed rate mortgages to reverse mortgages and VA loans. Remember, our mortgage experts are on-hand to help you find the right loan for your needs, just contact us today to get started.
Fixed Rate Mortgages
Fixed Rate Mortgages have the same interest rate for the duration of the loan.
Federal Housing Administration (FHA) loans are loans insured by the FHA in order to provide qualified borrowers with more favorable loan options such as low down payments, low closing costs, and easy credit qualifications. FHA loans are particularly attractive for first-time home buyers.
USDA Rural Housing Program
The United States Department of Agriculture’s (USDA’s) Rural Housing Services offers Single Family Housing Programs which are designed to help low to moderate income families achieve their dream of home ownership by providing loan guarantees and direct loans to help them purchase safe and affordable homes in rural areas.
Available to qualifying veterans and service members, VA Loans guarantee a portion of home loans to help eligible applicants obtain more favorable terms when borrowing money to purchase a home. These guarantees are available for purchasing, repairing, or building homes.
Jumbo loans are loans for properties that exceed a certain dollar amount. These loans are larger than conventional home loans, and generally carry higher interest rates as a result.
Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages typically offer a lower than average starting interest rate, but are adjusted periodically, according to the terms of the loan.
Reverse Mortgage Loans
With a reverse mortgage loan, borrowers age 62 and over, can convert the equity of their homes into cash. This type of loan is based on the value of the home’s equity. Reverse mortgage loans are different from traditional mortgages due to the fact that borrowers are not required to begin repaying the loan as long as the borrower continues living in the home and the home is not sold. The borrower must continue to pay property taxes, insurance, and condo or association fees (if applicable) on the home.
Homeowners are also able to use the loan proceeds of a reverse mortgage to purchase a new home without having to deal with any payments. Borrowers can use a reverse mortgage along with the proceeds from selling a previous residence to relocate into a home that is closer to family or has less maintenance demands. These loans are an extremely powerful tool for retired homeowners and those over the age of 62. CoastalStates Mortgage can help you find the right type of loan for your unique home buying needs. We have teams of dedicated loan officers waiting to help you, find the nearest location to you here.
CoastalStates Mortgage can help you find the right type of loan for your unique home buying needs. We have teams of dedicated loan officers waiting to help you, find the nearest location to you here.