Finding the Right Home Loan
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B2 Funding wants to be able to help you find the right loan from the very beginning. You and your family deserves the best quality and service to ensure your investment in your home. Nothing can be more important than to protect your property and family. Our Loan Officers understand your priorities and want your purchasing loan to go smoothly and interrupt your life as little as possible. When we discuss your plans and goals for your property loan we take into account that everyone is different - and that is why we offer so many options.
No matter what type of mortgage you need, B2 Funding is here to help. From determining what loan is best to guiding you through the entire home loan process, you can count on us for home loans made easy. You have many mortgage options:
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Fixed Rate Mortgage:A mortgage that has a fixed interest rate for the entire term of the loan. The distinguishing factor of a fixed-rate mortgage is that the interest rate over every time period of the mortgage is known at the time the mortgage is originated. The benefit of a fixed-rate mortgage is that the homeowner will not have to contend with varying loan payment amounts that fluctuate with interest rate movements.
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Adjustable Rate Mortgage:A type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically, often every month. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin.
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Conventional Loan:Loans not guaranteed or insured by these agencies are known as conventional loans. These loans adhere to Fannie Mae guidelines. Fannie Mae, or Federal National Mortgage Association, is a corporation created by the federal government that buys and sells conventional mortgages. It sets the maximum loan amount and requirements for borrowers.
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FHA Loans:The Federal Housing Administration (FHA) runs several programs to promote home ownership. These programs are popular because they allow borrowers to buy a home with a smaller down payment than is required by most other lenders. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody.
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VA Loans:A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible American veterans. The VA home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.
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USDA Loans:A USDA home loan is different from a traditional mortgage offered in the United States in several ways. USDA loans require no down payment, you may finance up to 100% of the property value. You must meet the income restrictions for the County you are interested in. Each county has a maximum Income Requirement. The USDA Home Loan Program does allow for considerations for expenses like Child Care. You must be purchasing a property in a rural area as defined by the USDA. The home or property that you are looking to purchase must be owner-occupied, investment properties are not eligible for USDA loans.
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Jumbo Loans:A mortgage with a loan amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.
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