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Home Financing, Made Personal.
At Our Family Mortgage, we understand that finding the perfect home is just the beginning of your homeownership journey. That's why we're here to guide you through the maze of home financing options with a personal touch that truly makes you feel like a part of our family.
Whether you're a first-time homebuyer or looking to refinance in Connecticut, Massachusetts or Florida, Our Family Mortgage is here to support your dreams of homeownership. Your journey begins here, and we can't wait to be a part of it. Contact us today to explore your home financing options and experience the Our Family Mortgage difference.
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When it comes to home financing, you can choose from various options. These include Fixed-Rate Mortgages, offering stability with a consistent interest rate throughout your loan. Adjustable-Rate Mortgages (ARMs) come with variable rates that adjust periodically.
Government-backed loans like FHA, VA, and USDA loans offer low down payment alternatives, making homeownership more accessible. Jumbo Loans cater to high-priced properties but often come with stricter requirements. Additionally, Interest-Only Loans provide an initial period with interest-only payments. Consider these options to find the right fit for your unique needs.
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Mortgage interest rates are influenced by a variety of factors. Economic conditions play a significant role, with a strong economy often leading to higher rates.
The Federal Reserve's policies indirectly impact mortgage rates through changes in short-term rates. Your credit score matters, as higher scores tend to result in lower interest rates. Loan term length also matters, with shorter terms often offering lower rates.
The size of your down payment can impact your rate, as a larger down payment can lead to a lower interest rate.
Market competition and the type of loan you choose can also affect the interest rate on your mortgage. Keeping these factors in mind when shopping for a mortgage will help you make informed decisions.
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The required down payment for a mortgage varies depending on the type of loan you choose. Conventional Loans typically require a down payment ranging from 3% to 20% of the home's purchase price, based on your credit score. FHA Loans require a minimum down payment of 3.5% for borrowers with credit scores of 580 or higher, and 10% for those with lower scores. VA Loans are often a great option for eligible veterans, as they often require no down payment.
USDA Loans offer a zero down payment option for homes in eligible rural areas. To determine the specific down payment requirements for your home financing, it's essential to discuss your situation with Our Family Mortgage.