Mortgage Interest Rate Information

Mortgage Loan Programs

EquityLink Mortgage offers the following programs:

• Home Purchases
  • FHA/VA
  • 30-year Fixed
  • 15-year Fixed
  • Adjustable Rate Loans
  • 100% Financing
  • 95% No Income Verification
  • A-D Credit
    
• Home Refinances
• Cash Out Refinances
• Debt Consolidation Loans
• Investment Property Financing - 10% down
• Self-Employed Programs
• Jumbo Loans
• No-Cost Loans

We have many other loan programs available. Please don't hesitate to call. Price range is variable based on the number of days of your rate guarantee (lock), size of loan, and other market trends and conditions.

Loan Definitions

Mortgages can be very confusing. This is a simplified list of loan types for you to better understand. We offer several other types of loans and our mortgage professionals are on-hand to answer any and all of your questions.

ARM (Adjustable Rate Mortgage): A mortgage in which the interest rate is adjusted periodically based on a pre-selected index at predetermined intervals.

Balloon: Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract.

Conventional Loan: A mortgage not insured by FHA or guaranteed by the VA.

FHA Loan: A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans (recently increased from $155,250 to just under $200,000), they are generous enough to handle moderately-priced homes almost anywhere in the country. The minimum down payment of 3% is ideally suited for first-time buyers.

Fixed Rate Mortgage: The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.

Jumbo Loan: A loan which is larger (more than $275,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because Jumbo Loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Refinance: Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

VA Loan: A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.