Keep it Consistent


Our most common loan is the fixed-rate mortgage. Your mortgage will have the same interest rate every month meaning your principal and interest payment will never vary. Longer fixed-rate loans come with smaller monthly payments allowing you to put more money from each paycheck in savings and retirement funds. These are most common when buying a new house. Shorter loans have smaller interest rates and help you build home equity faster. They also allow you to save substantial amounts of interest expenses. These shorter loans are common when refinancing.


Do you have low income but a good credit score? Are you worried about having enough cash for a down payment? If so, a Home Possible or HomeReady loan could be the loan for you. With a low down payment requirement  and flexible funding, these options make buying or refinancing a home possible for more borrowers.


When your down payment is less than 20% of the value of the home, you have to pay a mortgage insurance premium. Typically, the borrower pays for this. However, with Lender Paid Mortgage Insurance, the lender pays for your mortgage insurance up front and increases your monthly payments to cover for the insurance. While your monthly rate will be higher, it allows you to purchase a home without having to save up longer for a down payment. LPMI is a fixed rate that is good for both purchasing a new home and no cashback refinances of current homes.

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