If you’ve decided to start house hunting, and you’re in the process of trying to select a home loan provider, you’re in luck.
The expert lenders at Home Loans Today are committed to providing our police officer heroes with the best possible lending rates combined with the highest levels of customer care. We understand that the home lending process can be confusing, especially due to the documentation requirements.
You can rest assured that when you work with our company, we’ll be here to help you every step of the way.
Options for police officer mortgages
When it comes to home loan lending, you’ll have four options to choose from, including conforming mortgages, non-conforming mortgages, fixed-rate mortgages and adjustable rate mortgages (these are also referred to as ARMs).
- Conforming mortgages are also referred to as “regular” mortgages, and as a rulf of thumb, they fall in line with lending guidelines that have been set forth by Fannie Mae and Freddie Mac. With this type of mortgage, lending has been capped at $417,000, and that cap has been in place within most continental US markets since 2013. Guidelines for approval will include things like credit history, your FICO score and your debt-to-income ratio.
- Non-conforming mortgages are also known as jumbo loans, because the amount of the loan would exceed $417,000. This type of loan is most seen in higher-prices markets, and, as you might expect, the underwriting guidelines are far more stringent.
- Fixed-rage mortgages are a good option for home buyers who want a consistent monthly payment. This means the payment you make to the lender on day #1 will be the same amount you’ll pay throughout the duration of the lending term.
- Adjustable rate mortgages are more popular with people who plan to sell or refinance their home within the first 10 years of owning it. With the adjustable rate mortgage, your initial APR will be fixed, but once the introductory period expires, your payment could go up, or down, based on current federal fund interest rates. It’s also worth noting that the interest rate during the introductory period is generally more attractive than the rates tied to fixed-rate mortgages, which is why this is a popular option for people who plan to sell or refinance before the introductory period is up.
Most trusted police officer mortgage provider in the Pacific Northwest
We understand that you have many, many options when it comes to police officer mortgage providers, but you should also keep in mind that each lender is not like the next.
Our reputation speaks for itself.
When you work with our company, you’ll be working with a tried and true police officer mortgage provider that’s committed to helping you and your family get the funding you need and the customer care, you deserve.
If you’d like to speak with a customer service agent regarding the types of police officer mortgages we provide, call us today at 866-919-2064. Or, if you’re looking to get started on an application today, click here to be directed our secure online portal.