Different Types of Mortgage Loans Available
Finding a mortgage loan that is right for you should be easy. However, there are many programs to choose from and many ways to structure a loan. Different loan programs offer benefits that appeal to borrowers at different stages of life. So, it is important to have a complete picture of how much your mortgage will actually cost you over the period of time you are likely to have the loan. You should carefully evaluate your choices and consider how they will fit in with your long-term financial plan when shopping for a home.
This article covers the different types of mortgage loans:
- Refinance Mortgage
PRMI (Primary Residential Mortgage Inc.,) helps clients in Southwest Florida and Fort Myers find ways to manage their monthly mortgage payments better without putting a strain on their quality of life. Being locked into a high mortgage rate can place a heavy financial burden on the homeowners. Having a first and second mortgage can also be difficult to manage.
Our teams of mortgage experts at PRMI understand the refinance mortgage market and help you find solutions to make your mortgage more manageable. Refinancing is a great way to alleviate the financial burden. When reviewing the refinance options with you, our mortgage experts will assess various factors such as the interest rates, maturity dates, and mortgage terms to ensure that we are helping you make the best decisions for both short and long terms.
- Reverse Mortgage
The reverse mortgage program at the Primary Residential Mortgage Inc. helps the borrowers throughout Southwest Florida by covering the financial expenses based on the equity they have in their house. Borrowers can use these funds to cover expenses, achieve short-term financial goals and have more peace of mind during their golden years. If you are looking at a reverse mortgage in the Naples, Fort Myers, and the surrounding areas, you should keep in mind that the reverse mortgage is a non-recourse loan, typically tax-complimentary and there are various options to receive money.
- VA Loan Program
VA loan program at the Primary Residential Mortgage Inc. is a flexible solution if you are a Veteran planning to buy or refinance a home. This program helps you to make home ownership more affordable. The home loans at PRMI are offered with favorable terms, no monthly mortgage insurance premiums and competitive interest rates for qualified U.S. Veterans. Surviving spouse of deceased Veteran may also be eligible for this type of loan. VA Loans are beneficial for those who are purchasing or refinancing in a high-cost area or the first-time home buyers with limited savings for a down payment and closing costs.
- FHA Loan
FHA loan program at Primary Residential Mortgage Inc. provides term options and it is great for low-to-moderate-income families An FHA loan program is great for first-time home buyers and customers looking for a minimal down payment as low as 3.5%.
Wrap Up
Get in touch with us here at Primary Residential Mortgage Inc., (PRMI) to find the best mortgage loan type that’s best for you. With some of the most talented loan officers in the state of Florida, we are one of the most reliable mortgage companies in Fort Myers ensuring you have a smooth and stress-free experience. Our team of mortgage experts at Primary Residential Mortgage Inc ( Contact Us ), are ready to help you find the mortgage type that is best suited for your lifestyle and goals.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.