Conventional Fixed Rate Mortgages (FRM)
There are many types of Murfreesboro home loans, although fixed-rate loans remain the most popular option for homebuyers. Most fixed loans have a 15-year to 30-year term. Also known as conventional loans, fixed-rate mortgages have been around longer than any other loan option.
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Adjustable Rate Mortgages (ARM)
Most Murfreesboro homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends. At that time, the interest rate becomes variable, or adjustable, and the homeowner would likely refinance into another ARM, something fixed, or sell the home outright.
The different ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information about adjustable rate Murfreesboro mortgage loans.
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Refinance Mortgage Loans
Are you stuck with your current loan? Think again! Refinancing could lower your interest rate, consolidate high interest debt, reduce your monthly payment, or take years off of your current loan.
We can help you understand the different options available to you. Click on Apply Today below and we can start the process of saving you money.
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FHA Mortgage Loans
FHA loans are a good option for a variety of borrowers. This includes those who want to place a low down payment, as well as those that struggle with some credit issues. Some think of Murfreesboro FHA loans as subprime mortgages, but they technically are not. However, they do serve borrowers that can not qualify for a prime mortgage or conventional loan.
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USDA (Rural Development) Loans
United States Department of Agriculture or commonly referred to as (USDA) is one of the most popular 100% options available. They offer a great interest rate for a fixed 30 year mortgage. The mortgage insurance is slightly lower than other mortgage products comparable to it. Many new home developments are in USDA eligible areas and qualify for this type of financing. The property must be a single-family home, townhouse, or condo in an eligible rural area. No down payment is required on USDA loans. Seller can pay up to 6% towards borrowers closing cost. USDA has income restrictions on this loan. Low fixed rate for life of loan. Amortizations are fixed rate 30 years.
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VA Mortgage Loans
Veterans Administration (VA) loans were created to help veterans finance the purchase of their new homes, or the refinance of their current home. They are offered to Active Military personnel and those retired that have served in the past. They offer 100% financing with NO down Payment on most loan products and do not require mortgage insurance. The loans are fixed rate for the life of the loan and do not have a pre-pay penalty.
For information on qualifying for a VA loan program please give us a call today.
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A Jumbo, or non-conforming loan, is required for financing on a mortgage that is higher than the conforming loan limits set by Fannie Mae and Freddie Mac.
Mortgage bankers / lenders consider jumbo loans to be a riskier proposition than conventional loans due to the fact that a larger sum of money is ‘bet’ on a single transaction vs spreading that same dollar amount amongst multiple transactions.
For example, there is a big difference between lending on one $3million loan vs ten $300,000 loans. On several smaller loan amounts, the lender is essentially spreading its risk over multiple properties and borrowers. This risk associated with Jumbo mortgages is why the mortgage rates and down payment requirements are typically more than a traditional conforming loan.
Learn more about jumbo loans by contacting us today.
Our New Construction Loans are perfect for real estate investors, builders and developers seeking competitive financing for the acquisition, development, or construction of ground-up projects. Working with PRMI for new construction projects gives investors near Murfreesboro, TN the flexibility and capital to cover up to 85% of the project cost from single-family homes to larger multifamily properties.
Home Equity Loans
Often called a second mortgage, a Home Equity Loan is great when dealing with major expenses. Sometimes, savings aren't enough and flexible funds could come in handy. If you have large one-time purchases, like tuition, renovations, improvements or medical expenses, a home equity loan can help you cover it.
To obtain a Home Equity Loan, you apply for a specific amount of money, you receive it all at once, then pay it back over time.
Reverse Mortgage Loans
If you're 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, you may be considering a reverse mortgage. It's a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
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All programs subject to change without notice. All services rendered by PRMI (NMLS# 3094) are to assist in providing mortgage loans. PRMI brokers out this loan. Subject to borrower qualification. The information on this section is intended for informational purposes and is not an offer to extend credit.