Starion offers many different kinds of mortgages to fit your needs. Let us help you choose the mortgage that is best for you!
Fixed Rate Mortgages
Starion offers 10, 15, 20 and 30 year fixed rate mortgages. With a fixed rate mortgage, your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan, though your escrow payments may change. This provides stability and simplifies your personal budgeting. Fixed rates can be advantageous if you plan to stay in your home for a long time.
If you are a veteran or qualify for other programs, you may be able to lower closing costs or have other special provisions through Federal Housing Agency (FHA), Department of Veteran’s Affairs (VA), Rural Development loans or other special loan programs. Your Starion Mortgage Banker has more information on these programs.
Adjustable Rate Mortgages
Starion offers 5/1 and 7/1 ARMs, meaning your interest rate and monthly principal and interest payments stay the same for 5 or 7 years and adjust annually thereafter. ARMs have lower initial interest rates, but at the end of the initial loan term, the rate will adjust to match current market rates. There are interest rate caps that limit how high your interest rate can go. ARMs provide flexibility if you expect future income growth or if you plan to move or refinance within a few years.
Also known as a non-conforming loan, a jumbo loan is above limits set by the federal government. It costs more than a standard loan, so expect higher interest rates. The home must be located in a neighborhood that can support higher-level mortgages.
If you’re buying or building a new home, a bridge loan lets you complete the purchase and closing process before you sell your current home. It’s a short-term financing tool which is expected to be paid back relatively quickly.
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