What’s the Best Home Loan for You?

01.05.11 by

There are many different kinds of home loans, each with its own features and advantages. This section describes some of the major types.

Depending on your credit history, your income, how much you need to borrow, and what you plan to use the money for, you may find that you qualify for all of them or only a few of them. Chances are that whatever your circumstances, the experts at Group One Mortgage can help you find the financing you need.

Why talk to a mortgage expert?

The information you’ll find on our website – or anyone else’s website (or brochure or newspaper ad or billboard) – is based on averages. There’s no other way to report it.

But your situation is unique, and your mortgage should be, too. Call Claudine at Group One Mortgage now at 561-745-1205 for a thorough analysis of your circumstances and our recommendations for which home loans will work best for you.

Types of Home Mortgage Loan

Loan Type

Loan Description

Fixed Rate Refinance

Refinancing to a fixed-rate mortgage is a good idea if interest rates are significantly lower now…

Adjustable Rate Refinance

ARMs are attractive to some homeowners because they traditionally have a lower initial interest rate than fixed-rate loans.

FHA Refinance

The Federal Housing Administration offers a number of federally insured mortgage programs to American citizens wanting to purchase or refinance a home.

Cash Out Refinance

Cash-out refinance mortgages involve getting a new, larger mortgage to get extra cash to pay off debt…

No Closing Cost Refinance

No-Closing Cost Refinance loans usually require the borrower to pay less in upfront fees relative to the other refinancing options

DU Refi Plus™

DU Refi Plus™ was designed to reignite the mortgage industry by simplifying the refinance process for millions of Americans

Home Mortgage Loans

Loan Type

Loan Description

Fixed Rate Mortgage

A fixed-rate mortgage is a loan in which the interest rate on the note remains constant throughout the life of the loan…

FHA Mortgage Loans

FHA Mortgage programs are great options for those borrowers who can’t meet some of the strict lending criteria of conventional loans…

Jumbo Mortgage Loans

Cash-out refinance mortgages involve getting a new, larger mortgage to get extra cash to pay off debt…

Adjustable Rate Mortgage

An adjustable rate mortgage (ARM) has an interest rate that is fixed for the first several years of the loan…

*Information courtesy of Kim Davis and Claudine Porikos, Group One Mortgage, Jupiter Florida

For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!

Low interest on 15-year mortgages brings many refinancing deals!

10.08.10 by

Mortgage interest rates are the lowest in half a century, and the 15-year rate is the lowest of all.

Some mortgages are being offered at 3.75 percent for the 15-year. A year ago, the average rate was 4.68 percent.

In the past, many people would have opted for a 15-year instrument instead of one for 30 years, but couldn’t afford the higher monthly payments. The gap in monthly payments has now decreased.

A 30-year mortgage holder on a $200,000 loan at 7 percent would pay about $1,330 in principal and interest for 30 years. If the $200,000 mortgage was taken at 3.75 percent interest, the monthly payment would be just $124 more, or $1,454 for only 15 years.

Twenty-year loans have also become a good choice. At today’s rates, a borrower with a 30-year loan at 6.5 percent, and a $200,000 principal balance, could save some $70,000 in interest over the life of a shorter 20-year mortgage.

According to HSH Associates, a publisher of mortgage and consumer loan information, the shorter terms are especially attractive to people who want to build equity more quickly and those who want to pay off mortgages in a shorter period of time. About one-third of refinancers are moving to 15-year or 20-year loans.

One lender, quoted in USA Today, says more homeowners who are in their middle years are applying for 15-year mortgages. Their income is higher now than it will be at retirement, and they can afford to pay off the loan before they retire.

About a quarter of residential properties are now worth less than the amount owed on a mortgage. If they can afford it, some people are paying cash upfront to move from a more-expensive mortgage to a cheaper, shorter-term loan.

If you are considering refinancing on Florida’s Treasure Coast but don’t know where to begin.  Give us a call and we’ll point you in the right direction.

the Gabe Sanders real estate team

Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at our website or call us at (772) 888-2885.
Our market reports are here!