These are all editable on each page. Unlike a traditional mortgage, a reverse mortgage makes payments to you. These customizable Payments can improve your life by supplementing your monthly income, or can be had in a lump sum to cover an unexpected bill.
If you answered “Yes” to any of these questions, an ARM might be right for you! With our Adjustable Rate Mortgage, you’ll get the lowest rates we offer, saving you thousands over a traditional Fixed Rate Mortgage, during the initial fixed rate period. If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, an ARM might be right for you. As the name implies, Adjustable Rate Mortgages (ARMs) have interest rates that change at a pre-determined frequency. Federally insured FHA ARMs are also available!
‘Hybrid ARMs’ are very popular, featuring an initial fixed-rate portion, which then changes to an adjustable rate for the remainder of the loan. They are typically represented as a 3/1, 5/1, 7/1, or 10/1. The first number indicates the time (in years) that the initial rate is fixed. The second number indicates how often the rate can adjust after the initial change
What happens after the fixed-rate period ends? Once your loan enters its adjustable-rate period, interest rate caps are put in place. They identify the maximum amount your rate can increase, both at the end of each adjustment period and over the life of the loan. Contact one of our licensed Loan Officers today for details, and find the right loan for you!
For homeowners facing higher-than-market interest rates on their loans, it is a good idea to check out other financing options. That’s where we come in. Refinancing offers several no-cost and low-cost incentives to save you interest premiums and high rates. Similarly, short-term loans carry lower interest rates and allow you to pay off your loan in a much shorter time. Refinancing can also help lower your monthly payments, as well as your overall credit period. Be advised that whenever you consider refinancing your current mortgage loan, your finance charges may be higher over the course of the loan. Crown Home Mortgage always recommends discussing the TIP or Total Interest Percentage with your licensed loan officer to ensure the loan creates a long-term benefit.
All of our Loan Officers are federally licensed. Talking to a licensed Loan Officer is important to getting the right mortgage loan. Everybody has different loan needs, and your Loan Officer will know which questions to ask best to match you with the right loan and monthly payment.
Personalized Help. The Loan Officer will also explain all the steps–from getting started to locking in your low rate, to closing your loan. Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source.
We’ll close your loans fast! On average, our loans close in about 30 days.