There are many types of mortgage loans. Quite often, while one type of loan may seem more attractive than the other, consideration of the particular needs of that particular borrower is paramount as no two borrowers are alike. Below is a list of types of mortgages.
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Description: Loan with an interest rate that’s set for the entire 30 year term.
Best For: Home buyers who want a lower monthly payment resulting from stretching out repayment over a 30 year period. The fixed rate makes the payment predictable.
Description: Loan with an interest rate that’s set for the entire 15 year term.
Best For: Homeowners who want to build equity and pay off the loan faster. Payments are predictable because the interest rate doesn’t change. Higher monthly payment than a 30 year loan, but total interest paid is less.
Description: Loan with an interest rate that can change over the life of the loan.
Best For: Initial rates can often be locked for 1, 5, 7 or 10 years, and then will adjust annually thereafter. This type of loan is best for homeowners who don’t plan on having the mortgage for a long time, or who believe interest rates will be lower in the future.
Description: An FHA mortgage is a home loan insured by the Federal Housing Administration. The cap on the loan amount is determined by the county in which the property is located.
Best For: While the amount of the loan is capped at the county maximum. FHA loans allow for down payments as low as 3.5%. FHA will also accept credit scores as low as 500.
Description: Jumbo home loans are mortgages above a certain dollar amount. Jumbo loan limits are up to $7,000,000.
Best For: Homeowners who need loans for higher priced properties.
Description: Deposits made into a bank account are used to qualify for the loan rather than relying on tax returns.
Best For: Self-employed borrowers.
Description: Liquid and non-liquid assets are used to qualify for the loan rather than relying on traditional income.
Best For: Those with limited cash flow but have significant assets on hand.
Description: Loans for persons who may be citizens of another country and/or do not have a U.S. Tax return or social security number.
Best For: Those who do not have U.S. tax returns or U.S. credit, or is not a resident of the United States.
Description: Loans on investment properties that uses the cash flow from the property to qualify rather than the borrower’s income.
Best For: Investors who have multiple properties who would not otherwise qualify using their own income.
The Movement Foundation was created to help serve communities with housing, schools, health clinics and other philanthropic causes. Movement Mortgage currently donates approximately 40% of its profits to these worthwhile causes. Together, Movement Mortgage and Movement Foundation seek to create a movement of change in the mortgage industry, corporate culture and in the communities we serve. Below are a few examples of the causes we support.
Vivian anticipated our needs, she communicated with empathy and patience, and she gave us space to understand the process and make the decisions we needed to make.
Vivian made it great. Loans these days, from what i understand, are never easy but Vivian led us through each step of the way with great communication and was always a positive force to help clear any obstacles that we were encountering along the way.
Vivian and her team make the entire process stress free. They are extremely professional, transparent, organized and efficient. This is our second loan with them and I would highly recommend their services.
Vivian stayed in constant contact with us throughout the entire process and really helped guide us through our first home purchase. She provided invaluable expertise, and the process went very smoothly.
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