Grand Rapids Mortgage Loan Programs
When searching for your best option for financing a new purchase, refinancing, or remodeling your home, you will be faced with numerous options and a long list of different programs.
Team Mortgage Company will help you to understand all of your available options so that you can be confident in your final decision, and as such we’ve highlighted several of the most common programs offered today. Characteristics of each loan program are unique, so consult one of our expert Grand Rapids mortgage professionals for more information and details on each program available to you.
To help determine the best loan program for you, consider the following:
- How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
- How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
- Do you anticipate increasing or stable income? If income growth is expected, you can take advantage of an ARM’s lower start rate or a temporary buydown.
- Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs
|15- and 30-Year Fixed-Rate Mortgages||
|Fixed-Rate with Temporary Buydown||
|Adjustable-Rate Mortgages (ARMs)||