We offer Conventional Mortgage Loans, FHA Loans, Jumbo Loans, USDA Loans, VA Loans, Non-Qualified Mortgage Loans, And More!
Interest rates vary by loan offer options to fit your needs.
As its name implies, a fixed rate mortgage is one where the interest rate on your home loan remains the same throughout its duration. This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage. Fixed rate mortgages are the most popular form of home loan in the United States largely due to the appeal of a consistent principal and interest mortgage payment amount over the life of the loan.
In many instances, fixed rate mortgages have higher mortgage payments than adjustable rate mortgages. This is most often because the interest rate remains unchanged for the duration of the loan. Typically, loans with longer terms will have a higher interest rate than loans with shorter terms due to interest rate risk, or the possibility of fluctuating interest rates.
The biggest potential advantages of a fixed rate mortgage is the fact that the interest rate does not change over time. This allows you to budget your finances and make a consistent, fixed principal and interest payment over the duration of your loan.
Fixed rate mortgages allow you to lock in an interest rate and principal payment for the entire life of your loan. Your rate and principal payment never increase, even if the market changes – giving you peace of mind.
Other potential advantages include:
Competitive interest rates.
Locked interest rate for the life of your loan.
Easier-to-understand loan terms and paperwork.
With flexible options, program expertise, and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals. Get started today!
The Loan Officer will also explain all the steps–from getting started, to locking in your 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.
An adjustable rate mortgage (ARM) is a mortgage in which the interest rate may change over time. With an adjustable rate mortgage, the interest rate may change periodically, usually in relation to an index (such as the Secured Overnight Finance Rate, or SOFR), and payments may “adjust” up or down accordingly. Unlike a fixed rate mortgage, homeowners with this type of home loan aren’t guaranteed the same interest rate for the duration of their loan. The risk of an increasing interest rate is something that borrowers should take into account when considering an adjustable rate mortgage for their home financing.
Because the borrower assumes more risk with this type of mortgage, adjustable rate mortgages offer prospective homeowners some notable advantages. Adjustable rate mortgages typically offer lower initial interest rates and monthly payments than fixed rate mortgages in exchange for possible future rate adjustments. With an adjustable rate mortgage, the initial interest rate is fixed for a set period, such as 3 to 10 years, and the interest rate adjusts up or down depending on market conditions after that. Adjustable rate mortgages can be a great option for homebuyers who plan to relocate or move in the future or who expect their income to increase.
Adjustable rate mortgage advantages include:
Depending on the type of mortgage selected, interest rate caps offer some protection for homeowners who opt to finance their home with an adjustable rate mortgage. An interest rate cap sets a limit on the amount the interest rate can increase. There are two types of interest rate caps. A periodic adjustment cap limits the amount an interest rate can increase or decrease between two adjustment periods after the first adjustment. A lifetime cap limits the amount the interest rate can increase over the duration of the loan.
Payment caps follow a similar structure as interest rate caps. Payment caps limit the amount the monthly payment may increase from one adjustment period to another, instead of the amount the interest rate can increase
Contact us today at 844-390-5978 or contactus@eqloans.com to learn more about getting pre-approved for your next mortgage.
The Federal Housing Administration (FHA) is a government entity that offers mortgage insurance on loans made by FHA-approved lenders. The FHA provides insurance on mortgages for many different types of homes including single-family and multifamily homes.
FHA loans are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan.
FHA insured loans often give potential homeowners the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage. FHA loan potential advantages include:
Low 3.5% down payment
100% gift funds – the entire 3.5% down payment can be a gift from parents, relatives or an employer.
FHA allows seller to give up to 6% of the home’s purchase price to an FHA buyer to pay for closing costs and pre-paid costs.
Flexible credit qualifying – because it is government-backed, it’s possible to qualify for an FHA loan with a lower credit score than on conventional loan programs
Upfront mortgage insurance may be financed or paid in cash.
May also be an option for borrowers with limited equity looking to refinance.
Ability to choose from a fixed-rate or adjustable rate
FHA loans aren’t just helpful to the potential homeowner – they also are helpful for the economy as a whole. They stimulate economic development in the form of expanding tax bases and creating jobs.
In fact, the FHA was created in 1934 as a direct response to difficulties in the housing industry such as unfavorable mortgage loan terms, low rates of homeownership nationwide and widespread unemployment among construction workers.
Now is the time to enjoy many advantages FHA loans offer potential homeowners. Plus, it’s now easier than ever to qualify! Our Mortgage Loan Originators will guide you through the FHA loan process with expert knowledge, competitive rates, and first-class service. Get started today!
Contact us today at 844-390-5978 or contactus@eqloans.com to see if you can get pre-approved for your next mortgage.
**EQ Loans a division of EMM Loans LLC is not affiliated with or acting on behalf of or at the direction of FHA or the Federal Government**
VA loans are home mortgage reserved for both eligible veterans and active military members. These home loans are guaranteed by the U.S. Department of Veterans Affairs.
The EQ Loans Jumbo Loan program makes it easier to qualify, expands the amounts you can borrow and can lower your monthly payments. It also offers:
Reduced Down Payments
More Cash Back
Lower Reserve and Credit Score Requirements
EQ Loans offers flexible jumbo programs for both primary and secondary homes. These programs can be used to purchase a new home or refinance an existing one and are designed to make high level loans more obtainable.
This is a loan designed to help highly qualified borrowers buy more expensive homes. Unlike a conventional mortgage, a jumbo loan is not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. Jumbo loans fall above the Federal Housing Administration’s (FHA) 2021 conforming loan limit of $548,250. These loans have gained traction as the cost of housing continues to rise.
For Primary Residences:
Borrow up to 89.99% of your home’s value or purchase price
Credit Scores as low as 680 including cash-out refinancing.
Amounts up to $2,500,000.
Cash back up to $500,000
Six months required cash reserves
Cryptocurrency Allowed For Down Payment, Closing Costs and Reserve Requirements.
For Second Homes:
Purchases or rate/term refinancing requires a 680 credit score
Cash-out refinancing requires a 700 credit score.
Amounts up to $2,000,000.
Cash back up to $500,000.
Six months required cash reserves.
Cryptocurrency Allowed For Down Payment, Closing Costs and Reserve Requirements.
The best way to find out if you qualify is to talk to one of our Mortgage Loan Originators. They will consult with your regarding this and other programs you may qualify for.
Refinancing occurs when a homeowner gets a new mortgage loan to replace their current one on a given property. Most people refinance to lower their interest rate and reduce their mortgage payments, often saving considerable sums over the life of the loan. Though that isn’t the only reason homeowner’s refinance. Some may switch to a shorter duration mortgage (from a 30 year to a 15 year for example) to pay off their house earlier or they could refinance to cash out some of the equity that has built up in the house.
A Fannie Mae (FNMA) sponsored program for existing FNMA borrowers living in single family homes or condos. To qualify you:
Must have an income level that is at or below 80% of the area median income.
Must have your existing loan for longer than 12 months
Have no missed payments in the last six months or no more than one in the last year and have resolved missed payments due to forbearance.
Can have a Debt to Income Ratio as high as 65%.
Can have a FICO Score as low as 620
Can have a loan to value ratio (LTV – ratio of the amount you owe to the value of your property) as high as 97%.
If an appraisal is involved, up to $500 can be used to offset the cost of the appraisal.
The best way to find this out is to talk to one of our loan advisors. They can look up your loan and determine if you qualify. Even if you don’t, they might be able to qualify you for another type of loan.
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.
Finance: This offer is not guaranteed if you do not continue to meet EQ Loans criteria and other factors bearing on your credit worthiness (including acceptable property collateral, income, assets and employment history). Not all applicants will qualify for the rate and monthly payment shown. Monthly payments do not include property taxes, property insurance, and homeowners association dues. Your exact loan’s interest rate and payments will depend upon the term of your loan, your credit history, and other qualifying factors. To qualify for a mortgage, borrowers must be U.S. citizens or permanent residents, and meet Eq Loans underwriting and Investor requirements. Loans valid for the refinance or purchase of an owner-occupied residence. Loan amounts range up to $2,000,000 for Jumbo and at or under conforming loan limits within your state and county for conventional and government sponsored programs. Rate subject to change depending time of rate lock. Call 844-390-5978 for exact details and qualifying information.
Refinance: By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
