Choosing The Right Mortgage Loan

Wouldn’t it be nice if choosing the perfect loan for you was as simple as deciding on what socks you plan to wear that day? You have a few different options and patterns to choose from, a few colors, but it’s ultimately a pretty quick no-brainer. We understand that we’re not in your sock drawer, however, throughout the loan process we do get to know you as best we can and with that, we will provide you with the best loan option for your family.

First things first

The first initial step to finding the right loan for you is deciding how much you can afford. With this kind of investment (sometimes once in a lifetime), you want to make sure you really take time to weigh your options based off what you’re currently making. We sit down with you and go in-depth over your income, credit history, your current credit score, and other debts you might have accrued.

This and that

Once we go over your financial history, it’s time to decide how much money (if any) you’re willing to put towards a down payment. With that being said, there ARE some loan options that have zero down – we will get into that later. We also want to factor in the term of the loan, what are we looking at here 15, 20, 30 year loan…that sort of thing. So while we’re not here to bore you with specifics, we are here to help narrow down some of our options for you.

•Conventional loan - A conventional loan is a conforming loan that generally requires a 20% down payment if you want to avoid paying private mortgage insurance (PMI).

• FHA Loan - FHA loans feature a small down payment option, 3.5%, which make them very popular among borrowers who qualify. With an FHA loan, depending on your credit score, your down payment can be a gift or loan from an eligible source, like a family member.

•VA loan - is a mortgage loan for service members that’s guaranteed by the U.S. Department of Veterans Affairs (VA). Its main purpose is to help Veterans finance a home purchase with favorable loan terms.

• Jumbo Loan – As it might imply in the name, a jumbo loan is a larger loan size that can have big advantages for qualified applicants. Typically, a jumbo loan is higher than the conventional conforming limit, often referred to as a non-conforming loan.

It can be advantageous to pursue an education on different loan products to help you streamline the process. At Atlantic Bay, we strive to help you understand all our loan products so that you can make an educated decision. Let us get you the right mortgage loan for your family!