Variety of Loan Options Offered

We offer a variety of loans such as Fixed-Rate Mortgages, Adjustable-Rate Mortgages, Interest-Only Mortgages, Reverse Mortgages, and VA Loans.

A fixed-rate mortgage has the same interest rate for the entire repayment term. The advantage is that your monthly payment will be consistent. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically. This means your payments can go up or down based on changes in the interest rate.

Fixed-Rate Mortgages provide stability with a steady interest rate and monthly payment but may have higher rates compared to other types. Adjustable-Rate Mortgages initially have lower rates but they can increase over time which could lead to higher payments down the line. Interest-Only Mortgages allow lower initial payments since youre only paying off interest, but payments will significantly increase once you start paying off principal. Reverse mortgages provide income based on home equity but decrease your overall equity over time.

Yes, different loans have different requirements based on factors like credit score, down payment amount, income level and whether its your primary residence or not. For instance, VA loans require military service while reverse mortgages are available to homeowners 62 years old and above.

Yes, this is usually done through a process called refinancing where you take out a new mortgage to replace the existing one often with better terms or rates. However, its important to consider closing costs and whether changes in market conditions would make this beneficial.