(Not for use by New York borrowers)
We have robust mortgage tools that make it easy and convenient to shop for loan programs that will work for you. One of our experienced loan officers will guide you through the often difficult and confusing process of choosing and getting the exact loan to meet your specific needs.
The VA loan program is a robust mortgage loan program. HighTechLending Inc loves to educate and work with our veterans.
Did you know a VA loan offered through HighTechLending Inc provides qualified veterans the ability to purchase a home with no down payment? Other loan programs require small down payments, and are subject to mortgage insurance (MI).
HighTechLending Inc does not charge an application fee on a VA loan. However, there are fees associated with VA loans – please call us today to speak with a mortgage loan originator and obtain a Loan Estimate . HighTechLending Inc will provide you with information on your credit score if you authorize us to pull your credit and, if you qualify, pre-approval documentation so that you can quickly go shopping for a new home with confidence.
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly principal and interest payments that never change*. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
*monthly escrow payments may change causing the monthly payment to change
This loan is fully amortized over a 15-year period and features monthly principal and interest payments that never change*. It offers all the advantages of the 30-year loan, plus a lower interest rate. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
*monthly escrow payments may change causing the monthly payment to change
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans, and the fact that the rate may vary or the payment may increase after that period. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
ARMs may be a better loan option for you if a 15 or 30 year fixed are not meeting your needs. Contact one of our loan officers at (866)714-2040 to discuss your options.
Disclaimer:
A loan with an annual percentage rate that may fluctuate in the future (for example, based on market conditions) is a variable-rate transaction. A variable-rate plan involves one or more future interest rates that cannot be determined at consummation.
A 2/1 buydown can help borrowers ease into their mortgage payments, especially if they expect their income to increase in the next few years. The seller, builder, lender or other interested third party will make an upfront payment at closing that will be applied towards part of the buyer/borrower’s monthly mortgage payments for the initial 2 years of the loan, which effectively temporarily reduces the amount due from the buyer/borrower. Starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers may be able to refinance at the end of the second year to obtain a better long-term rate. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.
Start your journey with our free prequalification process. Fill out the form and one of our mortgage loan originators will contact you shortly to explore your options.
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HighTechLending Inc is an Equal Housing Lender, NMLS ID #7147 (www.nmlsconsumeraccess.org). 2030 Main Street, Suite #500, Irvine, CA 92614. AZ Mortgage Banker License # 0912577; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4130937; CO Mortgage Company Registration – Regulated by the Division of Real Estate; CT Mortgage Lending License #ML-7147; FL Mortgage Lender Servicer License #MLD1409; Georgia Residential Mortgage Licensee, License #53077; HI Mortgage Loan Originator Company License and Service License #HI-7147; ID Mortgage Broker/Lender License # MBL-2080007147; Illinois Residential Mortgage Licensee, License #MB.6761112 (for licensing information, go to: www.nmlsconsumeraccess.org), Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601, 1-888-473-4858; MD Mortgage Lender License #21762; ME Supervised Lender License #7147; MI Mortgage Broker/Lender/Servicer License #FR0026128 – 2nd TD Mortgage/Broker/Lender/Servicer License #SR0026129; NC Mortgage Lender License #L-165611; NH Mortgage Banker License #27178-MB; NJ Residential Mortgage Lender License, Licensed by the N.J. Department of Banking and Insurance; NM Mortgage Loan Company; NV Mortgage Company License #4517; OH Residential Mortgage Lending Act Certificate of Registration #RM.805365.000; OR Mortgage Lending License #ML-4386 and Servicer License #MS-139; PA Mortgage Lender #49892; Rhode Island License Lender, Rhode Island Licensed Loan Broker, RI Lender License #20244771LL – Loan Broker License #20244772LB; SC Mortgage Lender/Servicer License #MLS-7147; TN Mortgage License #7147; TX Mortgage Banker Registration; UT Residential First Mortgage Notification and Mortgage Entity License #8874117; Virginia Broker and Lender Licenses #MC-5962; WA Consumer Loan Company License #CL-7147.
