New Home Loans

New Home Mortgage Basics

  • Conventional fixed-rate mortgages

Once we secure a new home lender and we closed on your conventional fixed rate mortgage, with a conventional fixed rate mortgage your interest rate will remain the same for the entire life of the loan, and the payment will be the same each month.  The monthly payments on a 30-year fixed rate mortgage will be lower than those on a 15-year fixed rate mortgage because the loan is being paid off over a longer period of time.

However, interest rates are usually lower on a 15-year loan than on a 30-year loan. This means the borrower will pay less interest and pay off the loan completely in only 15 years, but the monthly payment will be higher.

  • Conventional adjustable rate mortgages (ARM)

Interest rates on an ARM can fluctuate every year based on the market. They are attractive to potential homeowners because the initial interest rate is lower than the rate on a fixed-rate mortgage.  If interest rates rise, however, the mortgage payments will also rise.

ARMs can be a good option for borrowers who plan to own their homes for only a few years, or who are confident they’ll be able to refinance the mortgage at a reasonable fixed rate before interest rates increase.

Conventional fixed-rate mortgages

With a fixed-rate mortgage, the interest rate will remain the same for the entire life of the loan, and the payment will be the same each month. The monthly payments on a 30-year fixed rate mortgage will be lower than those on a 15-year fixed rate mortgage because the loan is being paid off over a longer period of time. However, interest rates are usually lower on a 15-year loan than on a 30-year loan. The borrower will pay less interest and pay off the loan completely in only 15 years.

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Conventional adjustable rate mortgages (ARM)

Interest rates on an ARM can fluctuate every year based on the market. They are attractive to potential homeowners because the initial interest rate is lower than the rate on a fixed-rate mortgage. If interest rates rise, however, the mortgage payments will also rise. ARMs can be a good option for borrowers who plan to own their homes for only a few years, or who are confident they’ll be able to refinance the mortgage at a reasonable fixed rate.

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VA Mortgages / Mortgages for Veterans

VA home loans are backed by the federal government and designed to help active-duty military personnel and veterans become homeowners at an affordable cost. These mortgages offer unique benefits that simply can’t be matched by conventional and FHA home loans, including no down payments, no mortgage insurance premiums, and more flexible qualifying requirements.

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FHA Mortgages

An FHA mortgage is a government-backed home loan that has less stringent down payment and credit requirements than those for conventional loans. There are maximum loan amounts vary between counties for single-family homes in Florida, FHA borrowers are required to pay upfront and annual mortgage insurance premiums. This is the loan of choice for first time home buyers.

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USDA Home Loans

The U.S. Department of Agriculture also offers a 100%, no-down-payment mortgage. The program is most often called a Rural Housing Loan or a USDA Loan. And, it’s not just a “rural loan.” Because of the way the USDA defines “rural”, there are plenty of suburban neighborhoods where USDA loans can be used. The USDA will assess a 2% mortgage insurance fee on all loans.

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Jumbo and Super Jumbo Loans

If you’re planning to buy expensive property, a jumbo or super jumbo loan is a viable option. Jumbo mortgages are mortgages between $510,400 (in the contiguous United States) and $625,500 (in “high cost” areas) for a one-unit property). Different limits apply to multi-unit properties. Super jumbo residential mortgages or loans are generally greater than $850,000.

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When you need to find the right home loan, Core Financial will steer you in the right direction.

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Our specialists in new home loans are standing by to take your call 24 hours a day and 7 days a week. Call us today at (855) 554-CORE or (239) 514-2674 to find home loans and mortgages at the most competitive wholesale rates.

NMLS #1743702- Rates, Guidelines, terms are subject to change without notice.