Let eHomeMortgages bring you closer to your dream home
Purchasing My New Home
Why not make buying a home simple, easy, and enjoyable? Let us show how starting with eHomeMortgages can make it fast and easy.
- Our personal mortgage consultants will walk you through mortgage options best suited to your specific needs
- Find out how much home you can afford by getting pre- certified
- Save time by knowing your mortgage rates and what you can afford so you are able to stay within a price range
- Find a loan to fit every budget from zero down, interest only, fixed, and more.
- Get your loan fast and start moving into your new home
Buying My Vacation Home
You have a favorite vacation place and now would like to purchase a vacation home there. You are already closer to your new vacation home. Let’s find a loan that fits within your financial picture.
- Have your next vacation and stay at your new vacations home. Our second mortgage loans make it simple and fast for you.
- We customize mortgage solutions to suit your unique goals.
- Speak with your personal Mortgage Broker to get your custom mortgage loan.
Purchasing My Property as a Real Estate Investor
Why run in circles trying to find the loan you are looking for. Let’s leverage your time and free up your cash flow.
- Multiple loan options to meet any of your specific real estate investment goals.
- Leverage your money with smaller down payments.
- Use the cash you save for repairs, home improvements, or to diversify your investments
What Are My Home Loan Options
There are several mortgage loan choices available to new and existing homeowners today. It can be challenging to navigate through the maze to discover which type of mortgage loan option is best suited to your needs. Here are some commonly used home mortgage loan choices:
| Fixed-Rate Mortgages |
- Interest rates stay the same for the term of the loan.
- Constant monthly payments for the life of the loan.
- Security against rising interest rates.
- Fixed-rate loans are a good refinance option when rates are low.
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Adjustable Rate Mortgage (ARM)
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- Offers a lower initial rate then a fixed-rate mortgage
- Initial rate is fixed for an introductory period
- After, the fixed introductory period, the interest rate adjusts episodically based on market conditions.
- ARMs are a good choice during periods of low interest rates.
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Interest-Only Mortgage Loans
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- You pay only the interest on the mortgage in monthly payments for a fixed term (generally five to seven years).
- At the end of that term: you can pay the lump sum balance, refinance, or start paying off the principal.
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Conforming Loans
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- Mortgage loan amount eligible for purchase by either Fannie Mae or Freddie Mac
- Limits are reviewed annually, if needed be, limits are changed to reflect changes in national mean price for single family homes.
- Limits based on the October-to-October changes in mean home price.
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Jumbo Loans
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- Mortgage loan amount above the limits of Freddie Mac and Fannie Mae
- Commonly known as non-conforming loans
- Usually subject to an interest rate pricing premium and certain underwriting restrictions
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Second Mortgage
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- Mortgage loan taken out after the first mortgage
- Second mortgage loan is secured against the same asset as the first mortgage loan
- Mortgage loan is based on the amount of equity or ownership interest you have in your home
- Commonly used for debt consolidation, paying for college tuition, major purchases, home improvements, and other purposes
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Subprime Mortgages
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- Mortgage loans available to consumers who do not meet prime financing criteria.
- Failure to meet the criteria for prime financing is due mainly to low credit scores.
- Usually the mortgage loan is accompanied with a higher interest rate than prime financed mortgage
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Hybrid Mortgage Loans
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- Hybrid mortgage loans are a combination of fixed rate and ARM loans.
- Initial term of the loan is at a fixed rate after which the loan becomes an ARM.
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100% Financing
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- Zero down payment - offers complete financing of your property
- No Cash needed for down payment
- To qualify, you must have a credit score of 620 or higher
- Ideal to have four to six months of cash reserves
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Conventional Loans
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- Mortgage loan that is not guaranteed or insured by the federal government
- Usually requires a bigger down payment than a guaranteed government loan.
- Interest rates can exceed those of FHA and VA loans.
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Government Loans
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- Mortgage loan that is guaranteed or insured by the federal government
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