Whether you are refinancing your current home or purchasing a new one, it can be challenging to know what type of mortgage to apply for. There are various types of loans available to fit the different needs that each homeowner may have. Before you begin your search for a mortgage, it is important to gain information on the different types available. Whether you are looking for the best mortgage loan rates in Charlotte NC or looking to lower your monthly payment, it is wise to consult with a professional to gain the knowledge you require to make a sound decision.
Type of Loan Options
- Jumbo loans are designed for refinancing or purchasing a larger home that requires more financing than Freddie Mac or Fannie Mae loans permit.
- Adjustable rate loans are ideal for anyone that will be remaining in the home for less than 7 years. Allows the borrower to prepay the principal and decrease the payment amount during the fixed period.
- Fixed rate loans are one of the best mortgage loan rates in Charlotte NC as it allows the borrower to obtain a rate that does not fluctuate during the loan period.
- Veterans loan are designed for veterans and active military personnel that offers no money down and 103.5% of financing for a home. In addition to the capability to streamline refinancing in the future on the home.
- An FHA mortgage is supported by the Federal Housing Administration and offers a 3.5% down payment option. This type of loan is ideal for anyone that is buying their first home.
Start Securing a Loan Today by Applying Online
Loan Simply has developed an innovative way to apply for a home mortgage whether a person is purchasing their first home or refinancing an existing one. They help make the process easy by eliminating the endless paperwork required when filing for a loan. Plus, they provide the personalized service you require to ensure you are fully informed about the various loans available.