Home Loan in Jupiter and Palm Beach, FL
When it comes to home loans, you have a lot of options on your plate. Working with a seasoned mortgage professional can help alleviate your stress and get you into the right mortgage for you.
You have many options when getting a home loan in Florida. Below is a brief explanation of some of the options available for you. Working with Senior Mortgage Solutions means that you can get the option that works best for your current and future situation.
Conventional loans are not government-backed loans (compared to FHA, VA and other loans mentioned below). These loans work great when people have large down payments. There are many types of conventional loans that you can take advantage of.
An FHA loan is for qualified first-time homebuyers. FHA loans are insured by a government agency to ensure that the money is available for borrowers and that borrowers are protected.
If you served our country in the armed services, you have the option of receiving a VA loan. There are many options when it comes to VA loans. VA loans are protected by the Department of Veterans Affairs, meaning that you as a borrower have less liability when receiving a VA loan.
10/1 Arm, 5/1 Arm and 3/1 Arm
A 10/1, 5/1 and 3/1 Arm loan are loans that have a fixed rate for a certain amount of years. For a 10/1 arm, the borrower must pay the loan back in 10 years; for a 5/1, five years; and for a 3/1, three years.
For some mortgages, you might need to pay only the interest on the principle balance for an allotted amount of time.
Loans up to $10 Million
You might have the option of receiving a loan worth a lot of money. We help with loans up to $10 million, in order to ensure that the process is legal and goes smoothly.
HELOC: Home Equity Line of Credit
A home equity line of credit means that you’ve used your house to open a line of credit. The lender agrees to lend you an amount of money for a certain period, and you use your house’s equity as the collateral for borrowing.
A second mortgage is a lien on your property that is subordinate to your first mortgage. This mortgage is riskier for lenders, so it generally comes with a higher interest rate. If bankruptcy is declared or the property taken back by the bank, the first mortgage gets paid back first and the second mortgage second.
Reverse mortgages are specifically for those 62 years and older. A reverse mortgage allows you to receive a loan according to the equity of your home. You don’t have to pay back the loan until you move from that residence, sell the residence or pass away.