Did you know that traditional mortgage providers are built to serve…themselves? From the way they’ve structured their compensation to the training they give their sales staff, most companies will offer consumers products and pricing built to serve themselves. At Modern Mortgage, we begin with our client in mind. Our team is empowered to treat the mortgage banking world as our client’s oyster. We can shop on your behalf among hundreds of lenders, big and small, in order to find the product that fits YOU, not us. The best part is that no matter what product you pick, no matter which loan fits you best, we earn the same amount – to the penny. In this way, we incentivize our team to serve YOU, our client, rather than the company or themselves. We’re proud of this difference, and we hope it catches on in the industry (although we’re not holding our breath).
Almost every loan term can be customized to fit your needs, so to find what will work best for you, you’ll need to talk to one of our licensed mortgage bankers. To help you get started in the meantime, play around with different loan amount scenarios with our mortgage payment calculator, and check out some of the most common loan type categories below.
Conventional loans come in almost every shape and size and have some great advantages, including low down payment option and the ability to avoid mortgage insurance if you have a down payment of 20% or more.Read More
Also called non-conforming conventional mortgages, jumbo loans cover a larger-than-normal loan amount and are used to finance properties too expensive for a conventional conforming loan. The maximum…Read More
As with conventional loans, jumbo loans can be used for primary homes as well as for investment properties and vacation homes. They are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
The main benefit of a jumbo loan for borrowers is that a jumbo mortgage makes it possible to borrow more than the limits imposed by Fannie Mae and Freddie Mac. For instance, if you’d like to borrow $1 million against a $1.5 million home, a jumbo loan makes it possible.
Some borrowers prefer to finance more of the home’s cost rather than tying up cash, making the jumbo mortgage a helpful financial tool and part of an overall investment strategy. You can still get a competitive interest rate and finance the home of your choice without being restricted by the dollar limit on conforming mortgages.
If a jumbo loan sounds right for you, call one of our mortgage bankers today. They will be happy to discuss income, credit score and reserve requirements and find the perfect loan for you.
Our veterans hold a special place in our hearts, and this is one of those few opportunities in life to really say “thank you” for your service. If you are active military, a veteran, or an eligible family, remember…Read More
It’s helpful to note that VA includes a funding fee in every loan, but the amount of the fee charged varies based on several factors. It’s often possible to finance the fee or to pay for it in cash if you prefer. There are some other details you’ll need to know, including a minimum required FICO score of 580, maximum loan amounts are set by county, and loan terms of 15- and 30-year fixed are available on primary residences only. To understand how the details apply to you specifically, talk with one of our licensed bankers.
A perennial favorite of first-time buyers, and many happy clients in between, Federal Housing Administration (FHA) loans are one of the oldest sources for mortgage financing in America and are also government backed. With extremely low interest rates…Read More
Do you feel more at home surrounded by pastures than pavement? then a USDA loan may be right for you. USDA loans are low-interest, no-down-payment mortgages specially designed to help finance homes.…
The program is designed to “improve the economy and quality of life in rural America.” It offers low interest rates and no down payments, and you may be surprised to find just how accessible it is.
Income limits to qualify for a home loan guarantee vary by location and depend on household size. Also important to note is that USDA-guaranteed home loans can only fund owner-occupied primary residences. Our mortgage bankers are here to go over all of the details and other eligibility requirements with you when you’re ready.
At Modern Mortgage, we realize that not every borrower fits inside of typical lending guidelines. Rather than leave those folks out in the cold, we’ve built strategies that allow us to find financing for all kinds of non-standard situations.Read More