Construction
Wanting that New Construction Home? The home that is built just the way you want, just for you?
Mortgage300 has the perfect Construction loan for your needs. It is called the One Time Close for New Construction Homes. Close on your mortgage before your home is even built!
Great option for:
• Low down payments
• Flexible qualification guidelines
• Fixed-rate and ARM options
Borrower(s) Qualifications:
• Borrowers that have limited funds for a down payment
• Borrowers who lack an established credit history or have experienced credit challenges in the past
ARM Mortgage
The interest rate on an ARM Mortgage, also know as an Adjustable Rate Mortgage, will be fixed for a stated period of time and will then become adjustable for the remainder of the loan. For example, a 5-year fixed (30-year) loan would have a fixed interest rate for the first five years and then convert to an adjustable rate for the remaining 25 years.
ARM mortgage have more risk due to the possibility that the interest rate could increase. However, because you are assuming additional risk the lender will generally reward you with a lower interest rate and monthly payment during the initial fixed interest period.
These loans are of particular benefit to borrowers that plan to either sell the property or refinance before reaching the adjustable period. Genisys offers several ARM mortgage programs with fixed interest ranging from 1 year to 10 year terms.
Best For:
- The lowest short-term rates
- Initial lower monthly payments
- Know you’ll be moving within the next few years
Borrower(s) Qualifications:
- Initial rate periods of 3-10 years, then rates can adjust up or down
- Have an established credit history
- Can put at least 5% down on a home
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