|
Loan Type |
Description |
| Fixed
Rate Mortgage |
A fixed-rate mortgage from Mortgage Clearing Corporation
is a smart choice for people who don’t want to worry about fluctuations
in interest rates and who plan to remain in their home for a longer
period. There are fixed-rate mortgage programs available for
owner-occupied dwellings, investment properties and second homes. |
| Refinance |
If you have a loan with Mortgage Clearing Corporation or
another Mortgage Company at a higher rate than
today's interest rate,
we may be able to refinance your loan at a lower rate and lower your
monthly payment or save you a considerable amount of money over the life
of the loan at a reduced term. Cashing out on your equity for home
improvements or debt consolidation is also an option subject to the
appraised value of your home and loan program. |
| First Time Home Buyer
with Down Payment Assistance |
For the First Time Home Buyer these
mortgage loans are available to those who can qualify.
This type of loan is made
available to us from various Housing Authorities which enables us to offer low interest
rates with little or no down payment. |
| FHA |
FHA insured loan programs offer 3.5% down payments, allow
for less than perfect credit, allow for 85% of appraised value cash-out
refinances, allow up to 97% of appraised value when adding a
2nd.
mortgage payoff, and are a good option for first-time homebuyers. |
| VA |
The Veterans Administration guarantees these mortgage
loans to qualified veterans to finance homes with 100% financing. |
| ARM |
Adjustable
Rate Mortgage, also known as
variable-rate mortgage, usually offers a lower initial interest rate than fixed-rate
mortgages. The interest rate fluctuates over the life of the loan based on market
conditions. The loan agreement generally sets maximum and minimum rates with caps.
When interest rates rise, generally so do your loan payments; and when interest rates
fall, your monthly payments may be lowered. |
| Conventional |
This is any
mortgage which is not insured or guaranteed by a government agency such
as HUD/FHA, VA, or the Farmers Home Administration. A minimum of 5%
down with private mortgage insurance (PMI) is required on purchases. |
|
Please visit
our
Loan Center for tools to help you
evaluate which loan program you would be interested in.
|
Mortgage Clearing Corporation is An Equal Housing