15, 20, 30 Year Fixed Loan
30 Year Fixed
A 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor rate.
15 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed," the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
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"This was our second refinance with Troy. The second I used my VA loan benefit. Communication was fluid between Troy and I. Especially when documents were needed. We simply scanned them in and shot them over via email. the only time that we had to go to the office was for closing. By far one of the easiest and least stressful refinances and closings that my wife have ever experienced! As Troy received updates, he would immediately pass them along to us. Any questions that we had, Troy would clearly explain and answer all of our questions and address any concerns that we may have had. Substantially easier than dealing with one of our previous mortgage lenders."
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