Charleston Real Estate: Jennifer Finger

loan programs


LOAN PROGRAMS:

Have you found the home you've been dreaming of? Have you started shopping for a mortgage loan? Or are you thinking about refinancing? You may have already noticed that choosing the right loan can be very tricky!

There are more types of loans available today than ever! Each is developed to address the many individual needs of buyers and home owners. For example: if you are not planning on staying in your new home for a long period of time, you may be able to save a substantial amount with an adjustable rate mortgage (ARM).

When evaluating the type of mortgage loan that will be best to suit your short and long term goals, it is important to take into account anticipated changes in employment, family and personal considerations.

Loan Programs at a Glance

Loan Type Best For You If Benefits
Fixed Rate
  • You are on a budget and want the stability of a fixed payment for the life of your loan
  • You expect to stay in your home for many years
  • You anticipate an increase in interest rates in the future
  • An interest rate and principal and interest payments that stay the same for the life of your loan
  • 10, 15, 20 and 30 year amortization terms available
Adjustable Rate
  • You want a lower rate and payment
  • You plan to move or refinance
  • You anticipate an income increase that will accommodate possible adjustments
  • You can qualify for a larger mortgage than possible with a fixed rate
  • Substantial savings depending on the term you choose
Flexible
  • You have no down payment
  • You're a first-time home buyer
  • You want minimal costs
  • Little or no down payment

 

Jumbo
  • You need to borrow more than the conforming loan limit
  • Larger loan amounts
FHA/VA
  • You have a minimal or small down or no down payment
  • You need more flexible qualification guidelines
  • You lack credit history
  • You are an eligible veteran
  • Great options for first-time homebuyers
  • Choice of a fixed or adjustable rate
  • Little or no down payment required
  • Avoid monthly mortgage insurance (VA loans only)
Balloon
  • You want a lower rate and payment (for the 5-7 year period)
  • You are prepared to refinance before the end of the period
  • You are prepared to move before the end of the period
  • You can qualify for more home than possible with a fixed rate
  • 5 and 7 year terms
  • Extension options available in most instances
Home Equity Line of Credit
  • You have equity in your home
  • You have a 5%-10% down payment
  • You want to have control and flexibility
  • Eliminates mortgage insurance
  • Provides continuous access to cash when you need it
Home Equity Loan
  • You have equity in your home
  • You need payment stability
  • You need a lump sum of cash
  • Provides long-term loans with affordable payments
  • Excellent source for college tuition and home improvement projects

 

Jennifer Finger