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Types of Loans

Thirty-Year and Fifteen- Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

 

FHA

An FHA loan is a loan insured by the Federal Housing Administration. Because of that insurance, lenders offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements.

VA

VA loan is a loan that uses your Veterans benefits to provide a loan guarantee through the US Veterans Administration.  The guarantee incentivizes the lender to offer attractive interest rates, no down payment and more flexible qualification requirements

 

 

 

 

 

 

 

 

 

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MCI Mortgage, Inc. NMLS#279668
1800 Valley View Lane Ste 420, Farmers Branch, TX  75234
Direct:  (214) 396-4006
contact@mcimortgage.com
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