Mortgage Types

Mortgage types differ, much like our applicants and their financial needs. Find the perfect mortgage type for your situation by applying here and now!

Mortgage Types - There Is One For Everybody

Sorting through the many different mortgage types

There are no cookie-cutter, carbon copy mortgage programs here at First Empire Mortgage. On the contrary. Our experts realize, above all else, that no two people are alike. Nor are their financial situations. Why should their mortgage loans be, then? Our staff is committed to cultivating the perfect mortgage loan for each customer by combining thorough financial analysis with personalized counseling.

By working together as a team, we can discuss the advantages and disadvantages of various mortgage types and formulate a plan that serves your situation best.

Summing up some basic mortgage types

Our team of certified mortgage lenders is second to none, and awaits your application. However, before contacting us via our free form (above), gaining some background information on several mortgage types is important. Whether this is your first mortgage experience or you have done it many types before, you can never be too prepared, and you have never seen it all. We've put together capsule summaries of a few common loans right here to help you.

1. Whereas a traditional mortgage loan effectively allows you to buy a piece of your property from the bank each month, certain loan programs enable you to do the reverse. Fittingly titled, a reverse mortgage is an option becoming popular with seniors on fixed incomes. This is accomplished by using the equity built in their home to help with retirement.
2. An interest only mortgage allows the customer deferred payment of his premium. By paying off the interest on your mortgage first, you allow yourself the flexibility of lower monthly payments. At first. If consumers do not practically budget for the impending increase, or if hard times hit unexpectedly, they could find themselves experiencing a world of hurt.
3. A refinance mortgage allows you to trade in your existing home loan for a more advantageous one. If you are locked into a fixed-rate home mortgage, but interest rates have dropped substantially, you may nullify it and obtain a new one at the current rates in many cases. Charges will apply, but savings over the long term make it worth it.
4. With our American mortgage loans, you will find loans applicable to all 50 states. There exist many state-specific mortgage types, but a majority of consumers opt for the stability and flexibility of a nationally-recognized loan. The mortgage rate you attain on such a loan will apply for the duration of the agreement, if you choose a fixed-rate loan.
5. With a bad credit mortgage, even consumers stricken with poor credit can obtain mortgage loans at respectable rates. This is one of the less common mortgage types, because a credit rating is such a huge factor in qualifying for a home loan. Nevertheless, with a little debt consolidation, and a partnership with FEM, a solution can always be worked out.

For more information on any of these, and so many other mortgage types, please explore our site and contact us when you feel you are ready to proceed. Be sure to utilize our chart of current 15, 30 and 1-year adjustable mortgage rates, along with our mortgage calculator. These are great resources to get you started in your quest. We look forward to helping you as you get ready to take the next step!