I CAN Mortgage Overview
I CAN Pick Any Mortgage Term from 8 to 30 Years
If there's one thing we've learned over the years it’s that no two borrowers are alike. Some borrowers might wish to pay off their mortgage over a shorter period, say, 8, 11, or 16 years, to save on interest and build home equity faster, while other borrowers might prefer a 20-, 25-, or 30-year term, spreading repayment over a longer period to reduce their mortgage payment and increase monthly cash flow. Because of the broad array of available terms (8-to-30 years), borrowers have more freedom and flexibility for selecting the ideal mortgage for their situation.
I CAN Mortgage Benefits
Works with Your Budget: Our team of mortgage professionals can suggest an appropriate mortgage that honors both your monthly budget and long-term financial goals.
Pays off Your Loan Faster: To build greater home equity, you may be able to refinance into a lower rate and a lower term.
Continues Your Progress: Say, seven years into your current loan, you wish to refinance to take advantage of lower interest rates but don’t want to start over with another 30-year term. You can design a mortgage with a 23-year term, at a potentially lower rate.
Addresses Your Current and Future Needs: Whatever your mortgage financing need — first home, home renovation, move-up home, improved cash flow, kids off to college, retirement planning — the I CAN mortgage provides you with a wealth of options.
I CAN Mortgage Requirements
- Offers repayment terms from 8 years to 30 years
- FICO score as low as 620, depending on loan type
- Primary residence only
- Single-family, one-unit houses, including townhouses and condos
I CAN Loan Options
- Fixed-rate purchase or refinance loan
- Broad range of loan types available (Freddie Mac, Fannie Mae High Balance)
- Purchase and Refinance Mortgages Loans up to $647,200
- Down payments as low as 5% (primary home)
- Refinance up to 95% of your primary home’s value
It used to be that borrowers had few choices when it came to choosing the length of their fixed-rate mortgage which is one of the biggest factors in determining your monthly mortgage payment. Now New American Funding’s I CAN mortgage truly lets you select any term, from 8 to 30 years, that you feel will work best for you and satisfy both your short- and long-term financial goals.
That's Control! That's Flexibility. That's the I CAN mortgage! Discover today’s mortgage rates!
Contact your New American Funding Loan Professional for full details.
What is a Custom Mortgage?
A custom mortgage is a mortgage set up to help meet a borrower’s specific preferences within the framework of what a mortgage lender can offer. For example, New American Funding’s I Can Mortgage offers borrowers the chance to choose a loan term between 8 and 30 years in one-year increments. This flexibility also allows the borrower to customize their monthly payment.
What Mortgage Terms Are Available?
Mortgages are typically classified as short-term mortgages or long-term mortgages. Common short-term mortgages are 15-Year mortgages while 30-Year mortgages are common long-term mortgages. But term options can vary depending on the lender. Generally speaking, the shorter the term, the lower the interest rate.
What is the Best Mortgage Term for First-Time Buyers?
First-time buyers may benefit from a 30-year, fixed-rate mortgage due to lower, consistent monthly payments, helping ease the transition into homeownership.
However, first-time homeowners that can afford to make higher monthly payments may prefer a short-term mortgage that results in paying their principal balance off faster.
Refinancing to a different term at a later time is also an option, allowing borrowers to rework their monthly payments to better meet their evolving needs.
Can I Choose My Own Mortgage Term?
Yes, under certain conditions a lender may work with borrowers to set a specific mortgage term. The I Can Mortgage at New American Funding allows borrowers to create a loan term that works for them, from 8 to 30 years in 1-year increments.
Can I Refinance Without Starting Over?
Yes, it is possible to refinance without starting over, but this varies from lender to lender. The I Can mortgage from New American Funding gives borrowers the flexibility to customize their loan term. If you’re already 3 years into a 30-year mortgage, it is possible to refinance into a 27-year mortgage and maintain the progress made on the loan.