Choosing the Right Loan
New American Funding offers a variety of home financing options for buyers of all kinds. It can be difficult to understand the types of mortgages and refinancing options at your disposal. If you’re wondering which loan is the right choice for you, this guide can help you understand your options.
Fixed Rate Mortgages
A fixed rate mortgage offers many advantages over other home financing options, making it perfect for both first time home buyers and more experienced buyers. With a fixed rate mortgage, your interest rate will stay the same over the duration of your loan, offering stability for your monthly budget.
- 30 Year Fixed Rate Mortgage: One of our most popular home financing options, a 30 year fixed rate loan offers the security of fixed payments and protection from inflation.
- 15 Year Fixed Rate Mortgage: Like our 30 year fixed rate mortgage, the 15 year mortgage lets you rest easy in the knowledge that your monthly payments will always be the same. 15 year loans are perfect for buyers who want to build equity quickly or who want to have their loan paid off before you have to worry about later expenses like college tuition or early retirement.
Adjustable Mortgage Loans
A fixed rate mortgage is not the right loan for every buyer, and one of our adjustable rate mortgages (ARMs) may be a better fit than a conventional fixed rate mortgage. If you are looking to refinance your mortgage, but need lower payments than a 15 Year Fixed Rate Mortgage or 30 Year Fixed Rate Mortgage can offer, an adjustable mortgage loan can be the right choice for you.
ARM loans offer the flexibility of lower rates and payments for fixed terms of 3, 5, 7, 0r 10 years with lower initial interest rates than Fixed Rate Mortgages. Adjustable rate mortgages may be perfect for buyers who often relocate, real estate investors looking for investment property loans or for growing families that may need to buy a larger home down the road.
The Federal Housing Authority insures FHA loans so that mortgage lenders like New American Funding can extend home purchase financing and refinancing to buyers who might not be able to otherwise afford a new mortgage. These loans can be a great home financing option for buyers who need a first time mortgage, since they require lower down payments as little as 3 percent and have much friendlier job and credit requirements than traditional mortgages.
Contact a Mortgage Lender Specialist
New American Funding offers a variety of other types of mortgages to meet the needs of any buyer, including VA Loans
, Interest Only Mortgage
, Jumbo Mortgage
loans, Reverse Mortgage
and home improvement loans
to meet the needs of any home buyer. Contact one of our licensed mortgage lender specialists today to begin your loan application
. Get your New American Mortgage today.