Which Mortgage Loan Product is Right for Me? See more on: https://www.moreirateam.com
Choosing the Right Home Loan is not Easy
Does this story resonate with you? You managed to save up enough money to cover your mortgage loan down payment and closing fees. You think your ready to buy a home so you decide to go to a few open houses and you see some really nice homes but many are out of reach for you so you start to lower your expectations. You then jump on the web and start looking at listings, mortgage calculators and now you think you have a better idea of what you can afford based on some affordability calculator and some great rates you saw online on a few banking sites. The reality is that until you take the time to figure out your debt to income ratio and your FICO credit score you really don’t know what loan you can qualify for.
Before you start house hunting get yourself pre-approved so that you know the price range that you can afford and payment you feel comfortable with. When you are getting prepared to apply for a mortgage loan you usually have two main trains of thought. What is my monthly payment going to be? How much money do I need to bring to closing? The problem is that we get caught up in rate shopping and we forget the fundamentals to qualifying for a loan in the first place.
Get yourself financially prepared for your loan application with these helpful tips
What types of mortgage loan products are there?
Conventional Conforming (“Agency”) Loans
Overview
Moreira Team offers a variety of mortgage products and residential refinancing options. We believe you should be fully informed about the loan product options available to you. We encourage you to investigate your choices and to inquire about the loan program options that are most suitable for your specific needs. The following briefly showcases the programs we currently offer:
Conventional Loan Products
- Both Fixed Rate and Adjustable Rate loans available
- Mortgage Insurance may or may not be required
Helpful resources to get you started
This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
Home Buying Process guide on their website offers valuable information about buying a home. This website also provides important information for home owners.
Government Backed Loans
FHA loans
Overview
FHA Mortgage Loans offer borrowers the ability to either make a home purchase with as little as 3.5% down payment or refinance with fast processing and flexible terms backed by the Federal Housing Administration.
FHA Loan Products
FHA Streamline
FHA streamline refinance program allows you to refinance without an appraisal using the automated valuation model.When time is of the essence this method could be one of the fastest ways to get the loan you need.
- 600 FICO
- Debt ratios accepted up to 55%
- No appraisal required
- No income check required
ARMs – Adjustable Rate Mortgages
Our aggressive adjustable rate mortgages can provide a lower payment for certain loan applicants
Helpful resources to get you started
Here is a series of ebooks covering FHA loans and many other loan programs
Federal Reserve Board Consumer Information
This link covers topics such as finding the best mortgage and understanding ARMs.
USDA loans
Overview
The US department of Agriculture has developed several rural development home loan programs geared towards low income earners who want to make a home purchase in rural areas that are approved by the USDA. For those who qualify financing up to 100% is available.
United States Department of Agriculture “USDA” Loan Products
- 30-year fixed rate
- No down payment required
- No cash reserves needed
- Closing costs may be financed on some transactions
- Competitive low rates
Helpful resources to get you started
- Determine your eligibility for a USDA loan at the USDA Rural Development Eligibility Site
- Find available USDA Properties for sale
USDA Rural Development Program
http://www.rd.usda.gov/
http://www.rd.usda.gov/programs-services
Veterans Administration “VA” loans
Overview
VA loans over a special opportunity for active duty service personnel and veterans to become home owners or refinance an existing VA guaranteed loan. If you have a certificate of eligibility and qualify for this program the benefits of this loan are very competitive rates compared with conventional loan programs.
VA Loan Products
- Financing with no down payment requirement is available for qualified veterans
- Available to qualified active and retired military personnel
- 600 FICO
- Single family primary residence
- Fixed term mortgages
VA IRRRL
Leverage your VA benefits to take advantage by streamlining your current VA loan into a lower interest rate
- No appraisal required
- No income check required
- Maximum loan amount is based on county limits
- Skip up to (2) mortgage payments and get an escrow refund
Helpful resources to get you started
Here is an ebook on VA loans that takes a deeper dive into what you need to get mortgage ready.
Here is a link to the official VA site
Jumbo loans
Overview
Jumbo loans are designed for people who are looking for a luxury home or wanting to refinance an existing large mortgage. They have stricter guidelines than conventional loans and you can qualify with strong financials, credit score and as little as 10% down payment.
Jumbo Loan Products
Jumbo and super jumbo loans offer borrowers the opportunity to make home purchases on larger properties that would not be covered by conventional loan limits.From primary homes to vacation properties, Moreira Team provides jumbo loans up to 90% LTV with no PMI, with clear, hassle-free guidelines.
- Eligible for primary and secondary properties
- FICOs as low as 660
- Up to 90% Loan to value (LTV) with no Private Mortgage Insurance required
- Loan amounts greater than $417,000 up to $3,000,000
- Fixed rate and ARM loans available
- Cash-out loans available
- County designated loan limits may apply
- Debt-to-Income ratio limitations
- Reserve requirements
Helpful resources to get you started
Here you find an guidebook and in-depth article on jumbo loans and what you need to know in order to qualify for a jumbo loan
What makes a good mortgage loan product?
Each borrower has unique financial circumstances that will lead them towards a specific group of loan products and depending on your financial situation and FICO score you will narrow your choices to a few loan products. This is the point where you should consider the rates that best fit your situation and loan type. The mistake is to believe that the rates being advertised will be guaranteed to you. That is possible but its based on fitting into a specific criteria to qualify.
Why you need the right mortgage loan product?
The main advantage that a mortgage broker has over some of the big banks is access to a variety of lenders that can craft and tailor a loan that fits your specific needs without bias. The goal for the mortgage advisor is to insure you have the right mortgage payment amount and affordable closing fees.
When do you use a mortgage loan product?
It really important to consider hiring a mortgage broker versus a big bank to help you find a mortgage loan that is in your best interests. Big banks have quotas to meet and can push you into a loan that isn’t right for your situation. Mortgage brokers do get paid from the financial institutions to generate loans but there is no direct cost to you so you will have piece of mind knowing that they will negotiate on your behalf for the best mortgage payment plan.
Next Step
When your ready to talk Call (404) 238-7888 at Moreira Team here in Atlanta.
NOTE: Not all applicants will qualify. Program availability and terms are subject to change without notification. Neither Moreira Team- TJC Mortgage nor the above noted agencies warrant that you will qualify for any of the aforementioned loan products. This product listing is not a contract, nor exhaustive program description, and does not constitute loan qualification or approval.
Moreira Team Mortgage 