Conventional purchase and refinance mortgages can be fixed rate or adjustable rate mortgages, on primary residences or investment properties.
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government insured loans such as FHA (Federal Housing Agency) and VA (Veteran’s Adinistration). Conventional mortgage loans can be either fixed mortgages or adjustable-rate mortgages, including hybrid ARMs. Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans. However, conventional mortgages normally provide more flexibility and lower interest rates for buyers with good credit and the ability to afford a slightly higher down payment.
Refinancing a home mortgage can accomplish many things, including potentially lowering an interest rate and monthly payments, but ultimately restructuring the mortgage to fit the borrower’s current financial situation and goals. If a borrower is in a situation where their mortgage is more than their home is worth, the Home Affordable Refinance Program, known as HARP, may be able to help. HARP is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
Investment Loans are eligible for borrowers who are interested in acquiring rental properties. These loans are eligible for 1 – 4 unit properties.
Call us or fill out your application online to determine eligibility 717-431-9299
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