Sound Home Mortgage – Uncategorized

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Category: Uncategorized

Uncategorized

Aug

15

2018

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Featured Mortgage

30 Year Fixed

Advantages of a 30-Year Fixed

Your monthly payments will be less for a 30-year fixed than a 15-year fixed mortgage, even though interest rates for a 15-year fixed are generally a little lower. That’s because your payments will be spread out over a longer period.
Your interest rate is fixed for the life of the loan, so you don’t have worry about rising rates.

15 Year Fixed

Pay Less Interest over the Course of Your Loan

Your monthly principal and interest payment won’t change.
Pay off your mortgage faster than with other loans.
Buy your primary home with as little as 3% down.
Refinance your primary home for up to 97% of its value.

VA Loans

Advantages of VA Loans

Eligible homebuyers are not required to have a down payment.
No monthly mortgage insurance premiums or PMI to pay.
Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in sellers concessions.
Lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.

FHA Loans

Advantages of FHA Loans

You can qualify with a lower credit score compared to other loans.
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 580 can qualify for an FHA loan.

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