Loan Programs

Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.

No Cost Loans

We at Mortgage Grader have been doing No Cost Loans for more than 15 years and we are experts at helping borrowers avoid out-of-pocket expenses and upfront fees.  For most people, purchasing a home requires financing through a mortgage lender.  Along with a down payment, you will be required to cover certain closing fees, such as title insurance fees, appraisal fees, application fees and so on.  These fees quickly add up to thousands of dollars you might have not anticipated.  With a No Cost Loan you will not be required to pay points or organization fees by choosing a slightly higher interest rate versus a standard loan.

FHA Loans

FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.  Single family mortgages insured by the FHA under section 203(b) make it possible to reduce down payments to as little as 3.5%.  This is because FHA insurance allows borrowers to finance approximately 96.5% of their home on some cases.  This ability helps low and moderate income families to become homeowners of single family properties, multi-family properties, manufactured homes and some health related facilities.  In addition to these benefits, the down payment for an FHA mortgage can be 100% gift funds and is a key benefit to the FHA program.

For more detailed information regarding FHA Loans please click FHA Loan Info

VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

For more detailed information regarding VA Loans please click VA Loan Info

Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principal, for a specified period of time.

Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

Reverse Mortgages
Reverse Mortgages also known as H.E.L.O.C. allow senior homeowners to convert a portion of their home equity into cash while still living in the home.  A reverse mortgage works much like a traditional mortgage, except in reverse. Instead of the homeowner paying the lender each month, the lender pays the homeowner.

For more detailed information regarding Reverse Mortgages please click Reverse Mortgages Info

Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

For more detailed information regarding the best loan for you please contact a Mortgage Grader Loan Officer or click Loan Options Info

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Jeff Lazerson - Mortgage Columnist since 2011