Home Loan Options to Suit Your Needs.
ADJUSTABLE RATE MORTGAGE (ARM)
An adjustable-rate mortgage (ARM) has a varying interest rate over the course of the loan. The main reason to consider adjustable rate mortgages is that you may end up with a lower initial monthly payment.
A conventional loan is especially good for first-time borrowers with decent credit and some amount of down payment. This allows you to avoid paying for private mortgage insurance, thus a lower monthly payment.
FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. This is an easy type of loan to qualify for, as it allows for a smaller down payment and less-than-perfect credit.
FIXED RATE LOAN
The main advantage of a fixed-rate loan is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise.
HOME EQUITY LOAN
Home equity loans are a second mortgage allowing you to use your home’s value as collateral to pull out cash in a lump sum. Home equity loans differ from traditional mortgages by taking out the loan after you have equity in your house, while traditional mortgages are used to purchase the home.
Jumbo mortgages are home loans that exceed conforming loan limit of $484,350 in most areas of the country, typically sought to buy a higher-priced homes. Qualifications for a jumbo mortgage include lower debt-to-income ratio and a higher credit score.
You can use a cash-out refinance loan to pay off other debts to save money on interest and reduce your total monthly payments. Or, do a rate refi and take advantage of new lower interest rates for an existing home loan for a lower monthly payment.
A VA loan is a mortgage loan guaranteed by the US Department of Veterans Affairs (VA). VA loans are available to Veterans, Service Members and select military spouses. Eligible homebuyers are not required to have a down payment in most cases.
BANK STATEMENT LOAN
For self-employed borrowers including small business owners, freelancers, or 1099 employees, Sunray Mortgage offers a great home loan product: a bank statement loan. Don’t let your taxable income stop you from getting a home loan. You may qualify without having to supply tax returns or extensive documentation.