The following is a partial list of programs offered by Mill Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 480-426-1636
Fixed Rate Mortgages (FRM)
A popular loan type, FRM's feature a fixed interest rate giving the borrower the security and peace of mind that comes with knowing their monthly payments and interest rate will stay the same over the life of the loan.
Available terms range anywhere from 8 to 30 years in length.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated periodically and can change depending on market conditions at the time of adjustment. As interest rates are adjusted up or down so is the borrower's monthly payment.
ARM loans are usually fixed for a period of time before becoming adjustable and this initial period can range anywhere from 3 to 10 years depending on the terms of the loan selected. While interest rates on ARM loans are generally lower than fixed rate loans initially, they can eventually become higher. Generally speaking these types of loans are typically used for shorter term financial strategies.
Contact us for more information on adjustable rate mortgage loans.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $484,350. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs.
Refinance Mortgage Loans
Homeowners refinance for various reasons. They may be looking to decrease their interest rate, or take advantage of equity in their home to cash out and consolidate other debt. Stretching out the term can lower payments while shortening the term usually results in interest savings from paying it off quicker. Refinancing out of an ARM and into a fixed rate mortgage is common, as is refinancing to get rid of your monthly mortgage insurance payment.
Contact us today and let us help you explore your options to see how refinancing your current mortgage could benefit you.
FHA Mortgage Loans
FHA loans are insured by the federal government. These loans are great for borrowers who may have credit or income challenges or who don't desire to put down a large down payment. FHA guidelines are much more lenient on credit and income requirements and typically only require a minimum down payment of 3.5%. Borrower's are required to pay additional mortgage insurance as part of their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
VA Mortgage Loans
VA loans offer significant benefits and usually require no money down up to a loan amount of $484,350. VA High Balance and Jumbo loans are available to higher loan amounts but may require a minimal down payment. Credit and Income guidelines for VA loans are more lenient than traditional mortgages, and interest rates and fees are typically lower as well.
Purchase Mortgage Loans
Ready to stop renting and become a homeowner? Time to move up to a bigger home? Or invest in a second home or a rental?
Whatever your needs may be Millennial Mortgage can help you accomplish them.
Contact us today and let us help you take the first step by getting pre-qualified for a loan.
Other Types of Mortgages
At Millennial Mortgage we pride ourselves on being able to offer a vast portfolio of products to suite all types of borrowers and investors.
In addition to the most common types of loans, we also have access to Non-Prime products, Specialized loans for self-employed borrowers, and various types of products for the more savvy, established investor.
Contact us today for more details.