Residential Mortgages and Refinancing
A residential mortgage applies to purchases of single family residences, condos, and multi-family properties with 4 or less units.
The most common question we are asked is how much does the loan cost? While some general rules of thumb apply, each borrower has a different situation and will qualify for different programs and different terms. The variables include credit score, size of loan, whether you’re buying the home as a primary residence or an investment among many other things.
Our role at Atlas Crown is to get to know you and your situation and help direct you to the solution that works best for your particular circumstances. If you want to know more about any of the loan types, call us so our experts can help you understand the details and subtleties of each program.
Here is a brief description of different types of loan programs that can be used for residential purchases. One main difference between loans is based on the interest rate.
You can choose:
Fixed Rate Products:
Payment is fixed for the life of the loan. Traditional term is for 30 years but shorter terms are available including 25, 20, 15 and 10 year terms.
Adjustable Rate Mortgage (ARM) Products:
An adjustable rate mortgage (ARM) is fixed for a period of time and then adjusts for the remaining life of the loan. Examples of initial fixed periods include 1, 3,5,7 or 10 year terms.