Are you on the market for a home for you and your family? Do you want to refinance your current mortgage? If so, Southpoint Financial has affordable home loan options to help you purchase the home of your dreams. We offer personalized services to ensure you obtain the mortgage that's best for you and your family.
Home mortgage and refinancing options
There are several mortgage options you can choose from, whether you're purchasing a home or refinancing.
The interest rates on these loans remain constant throughout the duration of the loan, which means your monthly mortgage payments also remain the same. A fixed-rate mortgage is a great loan for first-time home buyers or those who want consistent mortgage payments.
With an adjustable-rate mortgage, the interest rate remains the same for a set time, such as five, seven or 10 years, and then it switches to an adjustable rate that changes on a monthly or yearly basis. ARMs typically offer lower initial interest rates.
A reverse home mortgage is for seniors who want or need cash from the equity in their home but don't want to sell their house yet. Unlike other loan options, reverse mortgage payments, including interest, are not due until the house is sold or you permanently move out from the home.
The government offers several great home ownership programs that are designed to help individuals and families purchase a home. These loans usually offer lower interest rates, lower monthly payments and lower down payments. These home mortgage programs include:
These are home loans for active-duty military members and veterans. The U.S. Department of Veterans Affairs backs this type of loan and offers low interest rates with no down payment requirement. Individuals must meet requirements for a VA home loan to qualify.
These loans are ideal for first time homebuyers, because they offer low down payment options. These loans are backed by the U.S. Federal Housing Administration, and people with credit scores as low as 600 can still qualify for FHA loans.
The U.S. Department of Agriculture's Rural Development division guarantees and manages these loans. Low- to moderate-income families looking to purchase homes in rural or suburban settings should consider a USDA home loan. Homebuyers must meet certain income and property requirements to qualify.
Learn more about loan options by contacting a Southpoint Financial office, completing our online contact form, or emailing our team.