At PeakView Mortgage, Inc. we work to get you the best loan that you qualify for. We put ourselves in your shoes and figure out what loan we would do for ourselves if we were you. While we will certainly talk to you about all of your options, generally the choice is clear. In today’s loan market, the best options are the loans listed below. We can offer ‘alternative’ financing options, but most of the time those loans are not the best options. Most borrowers get a conventional loan or a government insured loan as these come with the most aggressive interest rates and the lowest fees.
A Home Purchase Loan through a conventional loan is provided by a private lender and offers competitive rates and fees for borrowers who have good credit and are able to provide a larger down payment. Loans can be offered with a fixed or adjustable mortgage rate and for a period of 10, 15, 20, or 30 years. It is possible to do unusual terms like 28 year or 23 year loans, but it is not common. Contact one of our loan officers today to learn more about your home purchase options.
VA Home Loan
A Veterans Affairs (VA) Home Loan is a mortgage available to servicemembers, veterans, and surviving spouses of veterans. It is obtained through a private lender and is backed by the US Department of Veterans Affair, allowing the lender to offer more beneficial terms than a conventional loan. Please contact one of our loan officers to learn more about this loan option and to determine if you are eligible.
FHA Home Loan
A Federal Housing Administration (FHA) Home Loan is a mortgage through a lender that is insured by the federal government. An FHA Home Loan offers more lenient borrowing requirements than a conventional loan, such as a lower credit score and a minimum down payment of 3.5 percent of the purchase price. However, it caps the loan amount that can be borrowed and requires mortgage insurance. Please contact one of our loan officers to help determine if an FHA Home Loan is the best option for you.
Refinancing your current home mortgage may be the right decision for you, if mortgage interest rates have been lowered, or if the value of your home has increased. Contact one of our loan officers today to determine if this is the best option for you.
USDA Guaranteed Rural Housing Loan
Similar to FHA and VA, the USDA GRHL is a government insured loan. There are restrictions on the amount of income a borrower is allowed to have to qualify for this loan. This is determined by the USDA based on the location of the property. (The USDA insures loans in rural areas. They do not allow this loan to be offered in highly populated areas or larger cities.) The most amazing thing about a USDA GRHL is the borrower does not have to have a down payment. Please contact one of our loan officers to help determine if a USDA Home Loan is the best option for you.
A Reverse Mortgage Loan provides an opportunity to borrow money from a private lender and eliminate monthly mortgage payments, though interest and fees are applied to the loan balance each month. Certain requirements must be met to qualify for a reverse mortgage. Our loan officers are happy to discuss this loan option with you in detail as well as to determine if this is a feasible option for you.