LOAN OPTIONS
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FIXED RATE MORTGAGE
A fixed-rate mortgage is a type of home loan where the interest rate remains constant throughout the life of the loan. This means that the borrower will pay the same interest rate every month, regardless of changes in the market or the economy. Fixed-rate mortgages are popular because they provide borrowers with predictable monthly payments and protection against rising interest rates.
The term of a fixed-rate mortgage is typically 15, 20, or 30 years. The longer the term, the lower the monthly payment, but the more interest the borrower will pay over the life of the loan. Conversely, the shorter the term, the higher the monthly payment, but the less interest the borrower will pay over the life of the loan.
FHA LOANS
FHA loans are typically easier to qualify for than conventional loans, and they require a lower down payment, as little as 3.5% of the purchase price, compared to the 20% typically required for conventional loans. Additionally, FHA loans may have lower interest rates and more flexible qualification requirements than conventional loans.
FHA loans can be used to purchase a primary residence, as well as to refinance an existing mortgage. However, there are limits on how much you can borrow with an FHA loan, which vary by location and change each year.
DSCR INVESTMENTS LOANS
DSCR stands for Debt Service Coverage Ratio, and a DSCR loan is a type of loan that is based on the cash flow of a property or business rather than the creditworthiness of the borrower. The DSCR ratio is a measure of a property's ability to generate enough cash flow to cover its debt service (i.e., its mortgage payments and other loan obligations).
In order to qualify for a DSCR loan, the property or business must have a DSCR ratio of at least 1.2 to 1.5, depending on the lender and the type of property or business. This means that the property or business must generate enough cash flow to cover its debt service payments by a factor of 1.2 to 1.5 times.
DSCR loans typically have higher interest rates than traditional loans, but they may offer more flexibility in terms of repayment schedules and collateral requirements. Additionally, these loans may be easier to obtain than traditional loans, as they are based on the cash flow of the property or business rather than the creditworthiness of the borrower.
Our Free Purchase Assistant is designed to help narrow down your loan options based on your individual needs. It’s quick & it’s easy. The more questions you answer = the more accurate your results.
