How do I know what’s right for me?
The list may be long, but understanding your loan options is an important part of making the best decision for your personal situation. FBC Mortgage is a leader in the mortgage industry, and hundreds of Jagoe Homebuyers have said they would recommend FBC Mortgage in the future.
Here is a quick rundown of the different types of loans, their key benefits, and how to determine which loan may be best for your personal circumstances.
Quick rundown of mortgage loan options
|Mortgage Type||Key Benefits|| Worth Considering if You…|
|Conventional Fixed-Rate The lowest fixed interest for eligible buyers||Best fixed rates No interest-rate surprises||Plan to stay in your home for a long period of time. Have an established credit history Can put at least 5% down on a home|
|Adjustable-Rate (ARM) The lowest rate for first 3-10 years of loan for eligible buyers||Lowest short-term rates Initial lower monthly payments|
Initial rate period of 3-10 years, then rates can adjust up or down
|Know you’ll be moving within the next few yearsHave an established credit history|
Can put at least 5% down on home
|Jumbo The lowest rates for higher-priced properties||Increased purchase limits Competitive rates|
Fixed-rate ARM options
|Buying a home that exceeds conforming loan limits ($417,000 in most areas)Have an established credit history|
Can put at least 20% down on a home
|FHA Government-backed loans with flexible guidelines||Low down payments Flexible qualification guidelines|
Fixed-rate and ARM options
|Limited funds for down payment No established credit history or past credit challenges|
|VA Government-backed loans for military members||Low or no down payment No mortgage insurance requirement|
Flexible qualification guidelines
Fixed-rate ARM options
|Active military or veteran Surviving spouse of service member who died as a result of military service|
|Construction Loans||Convenient financing for new construction|
|Building a new home to your specifications|
Buying a lot for a future home
|Investment Property LoansFinancing for properties that generate income||Financing for residential rental property with 1-4 units Variety of loan options||Want to become a landlord|
More about FHA, VA and USDA loans
Loans granted by the FHA (Federal Housing Authority), VA (Veterans Administration) and USDA (United States Department of Agriculture) are designed to meet special circumstances or provide specific benefits. Click below to learn more.
Jagoe Homes Mortgage Lenders
Our Home Mortgage Lenders can meet almost every mortgage need, and they are ready to go to work for you. Meet our lenders here.