VA mortgage loan options are home loans backed by the U.S. Department of Veterans Affairs (VA) that provide affordable home financing options for eligible service members, veterans, and surviving spouses.
Adjustable-rate mortgage loan (ARM Loan) is a term loan option where the interest rate can change periodically after the initial fixed-rate period. After this introductory period, the interest rate associated with the mortgage loan is susceptible to increases or decreases based on market fluctuations, ultimately affecting your monthly mortgage payment.
Fixed-rate mortgage loans can be a Conventional mortgage loan, an FHA mortgage loan, a VA mortgage loan, a USDA mortgage loan, a Jumbo mortgage loan — any of these! Describing a mortgage loan as “fixed-rate” only means that, whoever is backing or insuring the loan, the interest rate associated with the home mortgage loan will not change at all over the life of the home mortgage loan.
By refinancing your home mortgage loan, you are paying off your current home mortgage loan with a new loan and restructuring the new home loan to fit your current needs and goals. With the refinanced loan, you could save a considerable amount of money over the life of the new home mortgage loan and potentially improve your overall financial outlook.
Jumbo mortgage loans allows you to purchase a more expensive home with a loan amount above the usual, or conforming, loan limits, which are set by the U.S. federal government’s Federal Housing Finance Agency. Each year, the FHFA reviews these loan limits and usually revises the limits upward for the following year.
Medical professionals have a unique set of challenges on their journey to homeownership. Whether it's having to move across the country or tackling student loan debt, Fairway mortgage advisors understand that you have specific demands that must be taken into consideration when applying for a home loan.
When shopping for a home, you may come across properties that aren’t quite what you are looking for but are oozing with potential. With one of Fairway’s renovation loan options, you can roll the cost of those repairs and improvements into one loan, which can save you both time and money.
If you are 62 or older, a reverse mortgage loan can be used to turn a portion of the equity in your home into cash you can use for many different purposes, which may enhance and/or extend your retirement. If you currently have a forward mortgage, a reverse mortgage could eliminate your monthly mortgage payment.
The United States Department of Agriculture (USDA) has developed affordable USDA mortgage loan financing options for homeowners located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.
While your loan is with Fairway, you can use the link below to find your loan and make your payment. This generally only applies to your first mortgage payment. Please contact us if you have any questions.