Moving Within 15 Years? Consider a New Loan Product.
Just as the real estate market has changed over the past few years, so too has the mortgage lending business. Homebuyers, who had been taking advantage of low 30-year fixed rate loans for the past few years, are starting to again consider adjustable rate mortgages (ARM) and other alternatives now that fixed rates have started to rise.
The 15/15 ARM, especially, has grown in popularity as it allows homebuyers to take advantage of low rates, typically associated with ARMs, combined with some of the stability of a fixed rate mortgage. Tim Wilson, president and CEO of Prosperity Home Mortgage, LLC, explained the decision to begin offering a 15/15 ARM product in response to client requests.
“We heard from many of our customers that they planned to move again within 15 years, so they were looking for a mortgage that not only covered them for that timeframe, but also presented a good deal,” Wilson said. “That’s why we are now offering the Two Step Advantage, a 15/15 ARM product—a competitive loan that matches our clients’ needs and helps prospective homebuyers become more confident and secure about jumping into the housing market.”
The mortgage business is also seeing increased competition for jumbo loan borrowers and that competition is keeping mortgage rates low for these higher amount loans. In addition, some lenders have been dropping their down payment requirements for jumbo loans to 15 percent and some experts believe lenders will approve jumbo loans with as little as 10 percent down.
For buyers or homeowners planning to move within the next 15 years, Prosperity's Two Step Advantage may be the right financing option. A local mortgage consultant can help answer any questions, so please contact us to discuss how we can help meet your home financing needs!
The information contained in this article is not intended to be and does not constitute financial or investment advice. Please note this list is only to be used as a guide and is not all-inclusive. Should events arise that require changes to your credit, income or assets, your mortgage consultant can discuss how these changes may affect your loan application process. Not all buyers will qualify.
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
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