If you’re in the early stages of house hunting, you’ve probably noticed that there are quite a few lenders that claim to specialize in police officer mortgages. Deciding which company to work with can have you feeling overwhelmed.
So why choose us?
Well, the biggest difference between Home Loans Today and our competitors is our commitment to ensuring that all police officer heroes not only receive the best possible rates, we’re committed to ensuring they have the best possible customer service experience.
Regardless as to whether you’re applying for a first mortgage, or you’re looking to invest in a vacation home or an investment property, we can help.
The first thing you’ll want to decide when you’re applying for a police officer mortgage is which type of mortgage you’d like to apply for. Our company offers three types of lending options:
- Fixed rate mortgage First responders who apply for this type of mortgage are generally those who plan to live in their home until the loan is paid off. Your monthly payment will be the same during month 1 as it is on the day you put your last and final check in the mail.
- Adjustable rate (ARM) If you plan on selling much sooner than later, you may consider an adjustable rate mortgage. An ARM generally has a lower introductory rate than you’d get in a fixed rate mortgage, which means you’ll have a more favorable monthly payment. Once the introductory term expires, the rate on the ARM will be based on the federal fund interest rate. Since federal interest rates are nearly impossible to predict, this means your payment could be more, or less, than what you were paying initially.
- Hybrid mortgage Much as the name implies, a hybrid mortgage will feature an initial, fixed rate that’s followed by a varying adjustable rate. Hybrid mortgages generally have an introductory rate period of 3 years, 5 years, 7 years or 10 years.
Which Option is Best for Me?
The type of mortgage you’ll want to apply for will be based on your individual circumstances. If you’re applying with your spouse, you’ll want to sit down with them and go over all of your options, so you can decide which type of loan will work best for the both of you.
But, as a general rule of thumb, if you’re only planning on owning your home for a few years before selling or refinancing, an ARM or a hybrid mortgage may save you some money during your initial payment period.
Or, if you’re the type of person who will take comfort in knowing exactly what your monthly loan payment will be throughout the duration of the lending term, a fixed-rate mortgage may be for you.
If you have questions on how police officer mortgages work, or you’d like to get started on a pre-approval, call Home Loans Today at 866-919-2064 to be directly connected with a Washington-based loan officer. Or, if you’re ready to get started on the application process, click here.