Loan Options

We are more than a mortgage company, we are your mortgage company. We exist to BE the best in the industry by putting your interests first. It’s not about us, it’s about you.

Buying a home represents one of the most exciting times in your life – so exciting, in fact, that it’s easy to forget to cross a few t’s and dot a few i’s. That’s where our deep understanding of the loan process paired with our talent at guiding our clients from point A to point B sets us apart from most mortgage lenders. At Mortgage Atlanta, we don’t believe in cookie cutter solutions. We can explore a variety of loan options together to determine the best fit for your needs.

Conventional

Conventional

Jumbo

Jumbo

VA

VA

FHA

FHA

HELOC

HELOC

Loan Options

30-Year Fixed Rate Mortgage

 

Historically the most popular loan for which borrowers try to qualify, the traditional 30-year fixed-rate mortgage offers a steady interest rate and monthly payments that never change over the life of the loan. This may be a wise choice if you plan to stay in your home for a long time, you want to secure a stable payment or both. When interest rates are low, fixed-rate loans can be fairly competitive with 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.

15-Year Fixed Rate Mortgage

 

Much like the traditional 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage offers a steady interest rate and monthly payments that never change over the life of the loan. The only exception is that this loan is fully amortized in half the time. Advantages over 30-year loan include the fact that 15-year loans often boast lower interest rates and you’ll have an opportunity to own your home twice as quickly. Unfortunately, it also means that you will have to commit to a higher monthly payment. Rather than having to stomach that kind of commitment in our ever-changing world, some borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments in order to pay off their loan in 15 years.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

 

Hybrid Adjustable Rate Mortgages (ARMs) can offer the best of both worlds: lower interest rates and a fixed payment for longer period of time than most adjustable rate loans. Available as 3/1, 5/1 or 7/1, the first number represents the number of years for which the fixed monthly payment and interest apply before converting to a traditional adjustable rate mortgage loan. Once it converts, the payment and interest rate will be determined by then-current rates for the remaining life of the loan. This is a terrific option for borrowers who expect to move or refinance the loan before or shortly after the adjustment period. Before you choose an ARM, it’s important to fully understand the terms and potential for higher payments in the future. Your Mortgage Atlanta Loan Specialist will be happy to discuss the short-term benefits and potential long-term pitfalls of this loan option with you.