The most popular of loans, conventional mortgages can have either fixed or adjustable rates, making it a flexible choice for many homebuyers. If a fixed rate, the interest rate never changes, and the monthly principal and interest payments remain stable throughout the life of the loan. Adjustable rate mortgage loans have interest rates that are subject to change at either 1,3,5 or 10 years. The rate of interest corresponds with adjustments in the yields on U.S. Treasury securities. The adjustment can be up or down, depending on the change in the index to which it is tied. However, interest rate caps limit adjustments during each period.

FHA mortgages are insured by the Federal Housing Administration, while VA mortgages are guaranteed by the Department of Veteran’s Affairs. These loans generally have lower down payment requirements, making them a possible solution for young families starting out, people with low or moderate income levels, or Veterans and their spouses. For example, an FHA loan usually features a down payment of 3%, and VA loans feature 0% down, allowing qualified Veterans the convenience of 100% financing.

Interest-only mortgages allow you to pay the interest portion of your loan each month for the early years of ownership. This means that you control how much principal is paid each month towards your mortgage during the interest-only time period. The interest-only time period can range anywhere from one year, five years, to even ten years. This type of loan might be a good option if you are looking to save funds that you could put towards new investments, home improvements or retirement plans.

A closer look at interest only.

For construction financing, MTH Lending Group offers both fixed and adjustable rate mortgages. Ask your mortgage consultant about two of our commonly used programs – the Plus Mortgage and the one-time close construction loan. The Plus program allows buyers to finance the cost of home improvements and renovations into their mortgage for new or pre-existing homes while the one-time close helps save closing costs and gives you the flexibility of locking in your rate during the construction period.

Check out our full list of products here.

This program is tailored for people who help the community, such as teachers, emergency service workers and those in the healthcare field. Two common programs are the Teacher 100 and Healthcare Plus. The Teacher 100 is geared for those working in the education field including educators, administrators and counselors. The Healthcare Plus program is geared for people such as nurses and emergency technicians. Qualified buyers can purchase a home with as little as 3% down and the interest rate will not change for the life of the loan.

Loans that do not require verification of assets, employment and/or income are commonly referred to as no-doc loans since no documents are required. If you are self-employed, work on commission or have other special circumstances and would prefer not to document all of your income, employment or assets, a no-doc loan might be right for you. This is also a good option for retirees who may find it difficult to substantiate income through paperwork.

Commonly referred to as a HELOC, a home equity line of credit offers a revolving line of credit, giving you the ability to withdraw money as needed and pay interest only on the amount drawn. HELOCs are often used for major purchases such as home improvement projects. You can obtain a HELOC even while you still have a mortgage but only for a certain amount, based on your credit and the amount of equity in your home.

A closer look at HELOC.

Many loan programs allow borrowers to buy a house with little or no money down, however, some of these programs require you to pay for personal mortgage insurance. With an 80/20 combination loan, a borrower can avoid paying mortgage insurance by acquiring a second loan to cover the 20% down payment.

The road of life can sometimes include bumps along the way, that’s why we offer several types of loan programs for those with less than perfect credit. Contact us to learn more.

Moving across the state or across the country can mean lots of planning and paperwork. That’s why a relocation program can assist with some of the details that go hand-in-hand with your home financing. From discounts at closing to special financing – there’s plenty of options to choose from to help with the transition.

There are many loan programs out there for first-time homebuyers and those with limited funds for a down payment. These include 100% financing programs and our FHA pre-paid program, just to name a few.

Ready to finance the home you’ve been dreaming of? A jumbo loan, which is larger than the limits set by Fannie Mae and Freddie Mac, can be anywhere between a few hundred thousand to well over a million.