With a fixed rate loan, your rate is fixed and your payment remains the same throughout the length of your loan (i.e. 30 years, 25 years, 20 years, 15 years, or 10 years) A fixed rate loan is an excellent choice if you plan to live in the home for many more years.

With an adjustable rate loan, your rate will adjust and your payments will fluctuate based on changes in the market. However, the rate and payment remains unchanged during the introductory period which could be 3, 5 or 7 years. The initial rate for an adjustable rate mortgage is usually lower than that of a fixed rate loan. After the introductory period expires, the interest rate is subject to adjust at predetermined periods, usually every six months. The rate adjustments are based on market interest rates and the adjustment caps limit how much your interest can adjust in a specified period of time. An adjustable rate mortgage is a great choice if you don’t plan to own the home for a long period of time.

With an interest-only loan, you only pay the interest on the principal balance of the loan for a set period of time (i.e. 5-years or 10 years) with the principal balance remaining unchanged for that period of time. Once the interest-only period is up, the principal balance of the loan is then amortized for the remaining term of the loan (i.e. 20 years or 25 years). An interest-only loan is a good choice if you are looking for more flexibility as your initial payments will be less for the first 5 or 10 years.

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Conventional Loan

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What is a Conventional Loan?

Conventional loans are mortgages that are not guaranteed or insured by the federal government. Although a conventional loan is not insured or guaranteed by the government, it still follows the guidelines of government-sponsored enterprises Fannie Mae and Freddie Mac.

Conventional loans may be “conforming” and “non-conforming”. Conforming loans follow the guidelines set by Fannie Mae and Freddie Mac. These guidelines put the maximum purchase amount for a first mortgage at $647,200 for a single-family dwelling. If the purchase is for a property that is either a two-family, three-family, or four-family dwelling, larger values apply before the loan is no longer considered a conventional loan.

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Conventional Loan

The Details are Important

Loan to value ratios are often overlooked by homebuyers. For most, the interest rate and loan term are the more important items. However, the loan to value ratio is a key factor in your application. Loan to value ratios vary depending on the type of property you are looking to purchase.

If your purchase is for a property that is a two-family, three-family or a four-family residence, please call Nexa Home Mortgage to receive the maximum loan to value ratios.

NEXA Mortgage, LLC offers conventional fixed rate loans, adjustable rate loans and interest only loans:

Fixed Rate

With a fixed rate loan, your rate is fixed and your payment remains the same throughout the length of your loan (i.e. 30 years, 25 years, 20 years, 15 years, or 10 years) A fixed rate loan is an excellent choice if you plan to live in the home for many more years.

Adjustable Rate

With an adjustable rate loan, your rate will adjust and your payments will fluctuate based on changes in the market. However, the rate and payment remains unchanged during the introductory period which could be 3, 5 or 7 years. The initial rate for an adjustable rate mortgage is usually lower than that of a fixed rate loan. After the introductory period expires, the interest rate is subject to adjust at predetermined periods, usually every six months. The rate adjustments are based on market interest rates and the adjustment caps limit how much your interest can adjust in a specified period of time. An adjustable rate mortgage is a great choice if you don’t plan to own the home for a long period of time.

Interest Only

With an interest-only loan, you only pay the interest on the principal balance of the loan for a set period of time (i.e. 5-years or 10 years) with the principal balance remaining unchanged for that period of time. Once the interest-only period is up, the principal balance of the loan is then amortized for the remaining term of the loan (i.e. 20 years or 25 years). An interest-only loan is a good choice if you are looking for more flexibility as your initial payments will be less for the first 5 or 10 years.

Calculate Your Payments

Use our Payment Calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.

Live Market Pricing

Welcome to our comprehensive live market pricing feature! We understand that securing the best mortgage rate is crucial when making one of life’s biggest investments.

Loan Process

Welcome to our comprehensive guide to the loan process. Whether you’re a first-time homebuyer or experienced investor, understanding the steps involved in securing a loan is crucial. We’re here to simplify this journey for you.

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2024 | NEXA Mortgage LLC.
Licensed In: AL, NMLS # 1615600 | NMLS ID 1660690 | AZMB #0944059
Corporate Address : 3100 W Ray Rd STE 201, Office 209 Chandler, AZ 85226

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