Understanding Loan Options

Adjustable Rate Mortgage

Fixed Rate Mortgage

USDA Home Loan

FHA Mortgage

VA Home Loan

Rehab Home loan

Choosing the Right Home Loan

Loan Term:

The term of your loan is how long you have to repay the loan.

This choice will affect:

  • Your monthly principal and interest payment,
  • Your interest rate, and
  • How much interest you will pay over the live of the loan

The longer your loan term, the more interest you will pay over the life of the loan. Loans with shorter terms usually have lower interest costs but higher monthly payment than loans with longer terms. 

Shorter terms will generally save you money in the long run, but you will have a higher monthly payment.

Interest Rate Type:

Fixed Rate or Adjustable Rate?

Interest rates come in two basic types: fixed and adjustable.

This choice will affect:

  • Whether your interest rate can change,
  • Whether you monthly principal and interest payment an change and by how much, and
  • How much interest you will pay over the live of the loan.

Your monthly payments will be more stable with a fixed-rate loan.

Adjustable-rate mortgages (ARMs) offer less stability but may be cheaper in the short term. You may want to consider this option if you plan on moving again in the near future.

Loan Type:

Convetional, FHA, VA, USDA, or Special Programs

This choice affects:

  • How much you will need for a down payment,
  • The total cost of your loan, including interest and mortgage insurance, and
  • How much you can borrower, and the house price range you can consider.

Each loan type is designed for different situations.

Conventional - the majority of loans, typically costs lest than FHA loans but can be harder to qualify.

FHA - low down payment and available to those with lower credit scores.

VA - for veterans, servicemembers, or surviving spouces.

USDA - for low- to moderate-income borrowers in rural areas.

Why choose Ruhl Mortgage?

All of our Loan Officers are state licensed.  Talking to a licensed Loan Officer is an important step to getting the right mortgage loan. Everybody has different loan needs and your Loan Officer will know which questions to ask in order to best match you with the right loan and monthly payment.

 

Personalized Help.  The Loan Officer will also explain all the steps–from getting started, to locking in your low rate, to closing your loan  Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source.

 

We'll close your loans fast!  On average, our loans close in about 30 days