30 year, 20 year, 15 year, and 10 year Fixed Rate Mortgages
A mortgage loan in which the interest rate remains fixed for the term of the loan, which is fully paid off at the end of the term. The maximum conforming loan amount for a single-family owner occupied residence is determined yearly, generally effective on January 1. Eagle Mortgage offers competitive low pricing with this program.
30 year and 15 year Fixed Rate Mortgages
A mortgage loan in which the interest rate remains fixed for the term of the loan, which is fully paid off at the end of the term. The loan amount for a jumbo mortgage is above that of conforming mortgage. Eagle Mortgage offers competitive low pricing with this program.
1 year, 3/1, 5/1, 7/1, and 10/1 Adjustable Rate Mortgages
An ARM loan usually has a lower initial interest rate, making it more attractive than a fixed rate loan for certain people. Intermediate adjustable rate mortgages have the initial rate fixed for three, five, seven, or ten years before the interest rate can adjust. Eagle Mortgage offers competitive low pricing with this program.
Typically the 1 year ARM, 3/1 ARM, or 5/1 ARM would suit the borrower who intends to be in the property for a limited amount of time (1, 3, or 5 years). These shorter term ARMs also can benefit the borrower who feels interest rates will drop in the future and who intends to refinance when they do.
The 5/1 ARM, 7/1 ARM, and 10/1 ARM would typically suit the borrower who may intend to stay in the property but who wants a rate better than the current fixed rates available. Once again, the borrower can elect to refinance out of the adjustable loan if fixed rates reach a favorable level.
A popular concept is a blend of a first mortgage with a second mortgage. One example of this is the 80/10/10 mortgage blend. Typically, this is used when a purchaser wishes to buy a home with 10% down payment, without the requirement for private mortgage insurance. The borrower makes application for a first mortgage at 80% of the purchase price and simultaneously makes application for a second mortgage at 10% of the purchase price. Another reason a borrower may be interested in a blend of a first and second mortgage, would be to obtain a first mortgage at the usually lower conforming rate versus the higher jumbo rate, with a second mortgage covering the difference. Blended loans are also available as an 80/15/5. Eagle Mortgage offers competitive low pricing with this program.
Eagle Mortgage Company offers loans without income, employment, length of employment, and asset verification. Two factors are considered: credit and property value. Down payments of as little as 5% are available if credit is excellent. Larger down payments would be required if credit is less than excellent.