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Lending & Mortgage Programs
What is a 30-Year Fixed-Rate Mortgage?
A 30-year fixed-rate home loan is a mortgage that will be completely paid off in 30 years if all the payments are made as scheduled. With a fixed-rate loan, the interest rate remains the same for the entire span of the mortgage.When talking about a 30-year fixed-rate mortgage, it typically refers to conventional loans. Conventional loans do not receive backing from the government; however, it is possible to get a 30-year fixed FHA, USDA, VA loan, which the government insures. Rocket Mortgage® does not offer USDA loans at this time.
What Is An FHA Loan?
FHA loans are backed by the Federal Housing Administration, an agency under the jurisdiction of the Department of Housing and Urban Development. FHA loans are insured by the FHA, which simply means that this organization protects your lender against loss if you default on your loan. FHA loans are available with low down payment options and lower minimum credit score limits, but you’ll also have to pay mortgage insurance.The option of a low down payment and more lenient credit requirements can make FHA loans particularly attractive for first-time home buyers, although you don’t have to be a first-time home buyer in order to qualify. Here are some benefits of FHA loans:
Credit score requirements are lower compared to other loans. Your lender can accept a lower down payment. You could still qualify for an FHA loan if you have a bankruptcy or other financial issues in your history. Closing costs can often be rolled into your loan.
What are VA Loans?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.VA loans help active service members, veterans, and their surviving spouses become homeowners. They provide up to 100% financing on the value of a home. Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.
What is a Reverse Mortgage?
In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments.
What are USDA Loans?
A USDA home loan is a competitively priced mortgage option that helps to make purchasing a home more affordable for low-income individuals living in designated rural areas. The U.S. Department of Agriculture backs USDA loans in the same way the Department of Veterans Affairs backs VA loans for eligible individuals such as veterans and their families. This government backing means compared to conventional loans, mortgage lenders can offer lower interest rates in many cases. If you qualify, you can buy a home with no down payment, although you’ll still need to pay closing costs.
What are conventional loans?
A conventional loan is a mortgage loan that's not backed by a government agency. While some government-backed loans provide unique benefits to homebuyers, conventional loans remain far and away the most common type of mortgage.According to the National Association of Home Builders, conventional loans accounted for 78.5% of new home sales in the first quarter of 2022. If you're thinking about buying a home, here's what you should know about conventional loans to get an idea of whether it's the right fit for you.
How a Conventional Mortgage Works Conventional loans are originated, backed and serviced by private mortgage lenders like banks, credit unions and other financial institutions.
Conventional loans are broken down into conforming and nonconforming loans, depending on whether or not they conform to guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), the two government-backed mortgage companies that own many mortgages in the U.S.
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Frequently Asked Questions
Qualifying for a loan is as simple as giving us the information we need and letting us do the work. Simply use the link above to "Apply Now" and send us the form. We will get back to you and do our best to get you qualified for the best possible loan.
A 20% down payment is a good rule to observe; however, this amount is not always required. A qualified buyer can put as little as 3% to zero down payment. There are many programs available and the right one should be tailored to your specific needs. One of our lenders would love to take the time to discuss your options with you. What is my interest rate, and what is an APR? The simplest answer is: Your interest rate will be the cost you pay for the money you borrow, and the APR includes interest plus other fees and costs. The interest rates change regularly, and you can see todays rate here on our daily rate widget. See above link.
A conventional 30-year loan is the most common type of mortgage, and the one that probably comes to mind when you think of a home loan. The smartest option is a 15-year loan because you save tens of thousands of dollars in interest and over a decade in debt. However, every person and every purchase is unique. You can follow this link for more details on loan types Or call one of our professional mortgage advisors today.
You will have a single point of contact throughout your loan process. You will be updated on each point of progress through email or phone calls. We would love to establish your expectations upfront so that we can meet and exceed them. This is where we shine, and others fall behind. We understand that making a large financial decision can be complicated. At MTL we strive to advise our clients on all the details and provide the most professional and personal encounter possible. Our team is here for you and ready to answer all questions and make this an exciting experience.