Few purchases match the excitement of buying a home, and few purchases require as much planning and financial consideration. Fortunately, working with a trusted mortgage lender can make the home-buying process easy and rewarding.
Types of Home Loans
Your home loan, or mortgage loan, is the money you borrow from a mortgage lender to buy your home. These include a broad range of home loans, such as:
Whichever home loan you choose, the two primary components of your mortgage are the principal (the amount you borrow from your bank) and the interest (what your bank charges you until you repay the loan).
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Loan Payment Options
Making your mortgage payment on time every month should be a top priority. But you also have options for how to structure and manage those payments to make it as easy as possible.
Your mortgage lender will review your loan payment options with you based on your principal and interest rate and your overall budget. You can also estimate your monthly mortgage payment using information like:
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- Home purchase price.
- Down payment.
- Annual property taxes.
- Loan term.
- Interest rate.
Home Loans: Frequently Asked Questions
Get answers to homebuyers’ common questions about types of home loans, mortgage rates and more.
What Is the Difference Between a Fixed-Rate and Adjustable-Rate Mortgage?
With a fixed-rate mortgage, you pay the same interest rate over the full term of your home loan. This eliminates surprises and gives you some peace of mind knowing exactly how much your principal and interest payment will be every month.
With an adjustable-rate mortgage, your interest rate will adjust up or down over the life of the loan. This means your monthly payment will also adjust accordingly. If your budget has the flexibility to accommodate payment fluctuations, this type of loan may allow you to buy a more expensive home now.
Learn more about fixed-rate vs. adjustable-rate loans.
Can I Get a Specialized Mortgage?
A specialized mortgage is a type of home loan that requires you as a borrower to meet certain minimum requirements. Some examples include:
- Doctor and resident loans.
- Fannie Mae loans.
- FHA loans.
- Department of Veterans Affairs (VA) loans.
- United States Department of Agriculture (USDA) loans.
You can work with your mortgage lender to determine whether you qualify for these or other types of specialized mortgages, which could save you money on your home purchase.
Where Can I Find Mortgage Rates Today?
It’s important to know when to lock in a mortgage rate. That’s why, if you’re actively looking to buy a home, you should compare mortgage rates today with past and projected rates.
First Federal Lakewood lets you view and compare today’s mortgage lending rates on our most popular loans, including fixed-rate, adjustable-rate (ARM), home equity and other loans. Our team of mortgage lenders can help you get the best possible rate on whichever type of home loan you choose.
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Your Online Home Loan Application: Getting Started
Qualifying for a home mortgage is a collaborative effort between you and your bank. And an experienced mortgage lender will tailor your home buying experience based on your needs and goals.
Banks look at your credit score, debt-to-income ratio, employment history and several other factors to ensure you can make your monthly mortgage payments on time. Your mortgage loan originator is the representative from your bank who will help you throughout the home buying process. They’ll ask you to provide various financial information and documentation, such as bank statements, W-2s from past employers and pay stubs.
Talk With a Home Loan Consultant
How can you make sure you have the right information prepared to complete your online mortgage application? One way is to speak with a home loan consultant before you apply for your home loan. Our expert home loan consultants at First Federal Lakewood can help you prepare, answer your questions and make the entire application process more efficient.
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Start Your Online Mortgage Application
First Federal Lakewood makes applying for a mortgage convenient with SimplyMortgage, our online mortgage application. Start your application here.
Mortgage Lending Resources
When you’re ready to buy a home, find tips and tools to help you prepare.
Tools & Calculators
Resources for Homeowners
Once you’re in your dream home, we want to help you stay there. From refinancing to escrow analysis to foreclosure prevention, we’re here to help with all your home lending needs.
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