15, 20, 30 Year Fixed Loan
30 Year FixedA 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor rate.
15 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed", the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
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"This refinance went very well. It was completed in less time than prior refinances and the ability to do much of the paperwork on line definitely made it easier. In particular, the use of email allowed questions to be posed and answered at any time and documents submitted concurrently resulted in issues being resolved quicker and the process advanced faster."
"Great and quick process. They were able to quickly help me refinance with no hassles or issues. I look forward to using them again.Response from Your Mortgage Shop Thank you for your review and the opportunity to work with you again Mr. Fleishman. It was our pleasure to work with you. Referral is a very big part of our business that allows us to provide creative loans with affordable fees and the best rates in the industry, so please spread the word to your friends, colleagues and family. it will be greatly appreciated when they see how much we can save them."
"I recently refinanced my mortgage with Your Mortgage Shop. The experience was very easy and the whole experience was pleasant. Not only did they reduce my rate considerably, the whole process went down pretty quickly compared to previous re-fi experiences. The loan officer was responsive and very helpful in reducing my mortgage rate and payment. I would highly recommend Your Mortgage Shop to anyone looking for a professional mortgage broker company."