New Home Financing
Interstate Mortgage can fine you the best suited loan for your new home purchase. With various loan programs available, we’ll help you match your needs with a loan that will satisfied you for as long as you own your home.
Fixed Rate Loans
With a fixed rate mortgage the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at same rate every month for the life of the loan. The 30 years fixed rate is the most typical but terms can be for longer or shorter period of time, the primary difference being in the size of the monthly payment.
Adjustable Rate Mortgages
Basic ARM: Borrower wants to start with a low payment or want to buy more homes for the money. Borrower can put as little as 5% down, rate adjustments each 6 months.
Fixed Period ARM is for Borrower’s who plans to move or refinance in a few years and want the security of a fixed rate for that period of time. Rate can be fixed for 5, 7, or 10 years. The rate will adjusts annually based on a financial index.
Home equity Loan vs. Home Equity Line of Credit
There are advantages and disadvantages to both Home Equity Loans (HELs) and home equity lines of credit (HELOCs), the different between the two depends on your needs.
Both home equity loans and lines of credit allow you to borrower up certain amount of your current home value. You can use the money for debt consolidation, renovation, etc.
(209) 832-4191 Office
(209) 832-4193 Fax
220 W. 11th Street
Tracy, CA. 95376-3944