If you’re a first responder who has decided to embark on a journey toward home ownership, you’ve come to the right place.
At Home Loans Today we’re committed to helping all of our firefighter heroes obtain the best possible mortgage rates, and we’re committed to helping walk you through the mortgage application process as smoothly and efficiently as possible.
What are my options?
As a general rule of thumb, firefighter mortgages come in four categories: conforming, non-conforming, fixed-rate and adjustable rate.
- A conforming mortgage is also known as a “regular” mortgage, and these types of loans are in line with the lending guidelines that have been established by Freddie Mac and Fannie Mae. The best-known guideline with regard to this type of loan relates to the loan size, which has been capped at $417,000 since 2013, in most of the continental US markets. Other guidelines for a conforming loan include debt-to-income ratio, loan-to-value ratio, credit history, credit score and documentation requirements. If a loan does not fall within these guidelines, it’s referred to as a non-conforming mortgage.
- A non-conforming mortgage is also referred to as a jumbo loan, because if approved, the loan will be in excess of $417,000. Jumbo loans are more common in high-priced markets, and, not surprisingly, they tend to come with stricter underwriting guidelines.
- A fixed-rate mortgage is a great option for those who want consistency in their monthly payments. With this type of funding option, your interest rate will be the same during year 25 as it is during year one. And while the interest rate will remain the same throughout the duration of the loan, with each passing month, a lesser potion of your payment will be applied toward your interest. On the flip side of that, with each passing month, a greater portion of your payment will be applied toward the loan’s principal.
- An adjustable-rate mortgage (ARM) is exactly as it sounds; with this option, the borrower will receive a fixed rate for a set period of time, up to 10 years. Once the time frame expires, the interest rate on the loan will be adjusted periodically to match market conditions. People who think they will be selling their property or refinancing their home within the next 1 to 10 years tend to be most attracted to an ARM, due to favorable introductory interest rates.
Firefighter mortgage lender you can trust
At Home Loans Today we understand you have a wide range of options when it comes to choosing a lender. This is why we strive to make the firefighter mortgage underwriting process as easy and stress-free as possible.
When you work with our company you can trust that we’ll be right here with you, every step of the way. For more information on the types of firefighter mortgage options we offer, or to get more information about down payment options, down payment assistance and interest rates, call us today at 866-919-2064.