Mortgage Loan Options
Find out which type of loan is best for you.
Conventional Loan
Traditional mortgage with fixed or adjustable rates.
FHA Loan
Federal Housing Administration loan for homebuyers.
VA Loan
Government-backed home loan for military veterans.
NON-QM Loan
Foreign National Loan
USDA Loan
Commercial Loan
Reverse Mortgage Loan
Still have doubts about which loan type is right for you? Contact an agent.
What's Your Loan Purpose?
Usually, people refinance to save money either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of the refinance Calculate the monthly savingsDivide the total cost of the refinance (#1) by the monthly savings (#2). This is the “break even” time. If you own the house longer than this, you will save money by refinancing. Since refinancing is a complex topic, consult a mortgage professional.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender “underwrites” the loan, which means deciding whether or not you are an acceptable risk.
United 1 Mortgage Corporation is a licensed Mortgage Broker in Virginia, DC, Maryland, Pennsylvania and Florida. United 1 Mortgage Corporation is a licensed lender in Virginia.
Both income and assets are disclosed and verified, and income is used in determining the applicant’s ability to repay the mortgage. Formal verification requires the borrower’s employer to verify employment and the borrower’s bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower’s original bank statements, W-2s and paycheck stubs.