The new standard in mortgage lending is really the old standard.
A fixed rate loan offers home owners long-term stability and predictable payments, and has become the favorite choice of most borrowers. When you choose a 15 or 30 year fixed rate loan with Bay Equity, your payment will not change the entire time, which allows you budget your mortgage payment throughout your life, or at least the next 10-30 years of it.
What are the benefits of a fixed mortgage?
- Your monthly mortgage payment will stay the same throughout the life of the loan
- No prepayment penalties if you refinance or sell
- Nearly all Government and Conventional loan programs offer a fixed rate term
Standard Fixed Rate Terms: 10, 15, 20 or 30 years
By choosing a lower fixed rate period, you can realize significant savings in total life of loan interest. You pay off the home loan faster than a traditional 30 year loan, and best of all the interest rate is lower. A Bay Equity Loan Officer can help you look into the future and realize the lifelong benefit of a shorter term benefit. With a simple monthly and total term loan comparison, you can see that a lower fixed rate loan might just be the right move for you and your family.
Call a Bay Equity Loan Officer today to discuss how you can benefit from a low adjustable rate mortgage. As the economy recovers, rates for fixed term loans will continue to rise. Take advantage of the lower start rates available with adjustable rate mortgages (ARM). The initial term of the loan is fixed for 5, 7, or 10 years, which fits well for homeowners who plan to sell or refinance before this initial period is over. With good planning, an Adjustable Rate Mortgage offers the lowest rates available and is a great option for those who want to reduce their mortgage payments.
What are the benefits of an adjustable rate mortgage?
- Lowest rate available during the initial fixed period
- Qualify with a lower interest rate means you can qualify for more
- Fixed Start period for 5, 7 or 10 years
Adjustable rate mortgages are fixed for periods of five to ten years. After that period, your interest rate will either go up, or go down depending on market conditions at that time.
FHA is a Government insured loan that helps people buy and refinance real estate even when life has thrown you a curve ball. The Federal Housing Association is an insurance program that has been helping people become home owners since 1934, and was an instrumental component in increasing home building and purchasing after the great depression. Today, it is continuing to assist home buyers in financing a home for their families.
What are the benefits of an FHA Loan?
- Loans approved with credit scores as low as 600
- Great for first time home buyers
- You can buy a home with as little as 3.5% down and when combined with down payment assistance program, just 1% down
- All down payment funds and closing cost funds can be gifted from a family member
FHA Back to Work Program...Helping Home Buyers Hit Life’s Curve Ball out of the park!
- Only requires 12 months since conclusion of Foreclosure, short sale, deed in leiu of foreclosure and/or Bankruptcy.
- Just 3.5% down payment required
- Must document 20% reduction in income for 6 months and/or job loss that led to a qualifying event
While the current standard conforming loan is $424,100 ($636,150 in HI) or less, Bay Equity offers a variety of jumbo loan programs to fit your home purchase needs. You can choose between fixed or adjustable rates depending on your goals.
Finding the right loan to fit your Jumbo needs can be challenging. Bay Equity Loan Officers are specifically trained on the most current Conventional, FHA, VA and even Niche” jumbo loan programs. With loan amounts in the 7 figure range, working with a direct lender means you will experience a fast and efficient loan closing.
As the housing recovery progresses, the availability of Jumbo Loans will increase. Speak with a licensed Bay Equity Loan officer to know all of your jumbo loan options.