Buying a home is a very exciting time. It comes with a huge sense of pride and offers a sense of stability and community.
When it comes to mortgage loans, no two journeys to buying a home are the same. With a mortgage payment commitment of 15, 20 or 30 years, finding the best mortgage lender is more than just getting a good interest rate.
MortgageRight is dedicated to making the homebuying process easier and is eager to offer tips, tools and a staff of industry professionals to move you forward with confidence.
We've helped thousands of people reach their goals and realize their dreams. We want to help you as well.
• Conventional loans are not insured by a government agency
• Require a minimum 3% down payment
• There are a variety of fixed and adjustable-rate conventional loans to choose from
• Generally carry strict guidelines on credit scores, loan to value ratios, debt to income and down payments
• The interest rate varies based on credit score and loan term
• Offers 10, 15, 20, 25, 30 and 40-year repayment terms
• Great for first-time buyers and buyers with lower credit scores
• FHA loans are not restricted to first- time home buyers or low-income buyers
• Easier requirements for income and credit score
• Minimum down payment 3.5% and lower closing costs
• Mortgage Insurance may be less costly than PMI
• Seller can contribute up to 6% of SP to cover closing costs
• Special financing in USDA defined areas
• Flexible credit guidelines and qualifying criteria
• Lower than market intererst rate
• No down payment required
• Closing costs can be seller-paid or rolled into the loan
• Lower monthly private mortgage insurance (PMI)
• Ability to finance upfront PMI
• For veterans, actively serving military personnel and surviving spouses of veterans
• Qualify with suitable credit, adequate income and valid Certificate of Eligibility
• Borrow up to 100% with no money down and no mortgage insurance requirement
• Veterans can refinance through the IRRRL (streamline refinance)
• Can include cost of remodeling up to 103.15% appraised value
• Financing for high-priced and luxury homes
• Good option for self-employed buyers
• Available for primary residences, second homes and investment properties
• Flexible down payment minimum of 5% on loans up to $2 million
• Mortgage insurance is not required
• Jumbo cash out refinances up to 95% loan to value with no mortgage insurance
• Borrower remains the owner of the home
• Can stay in your home without ever making another monthly mortgage payment
• With a Reverse Mortgage, the borrower receives funds payable when the last borrower leaves
• Borrowers must occupy the property as their principal residence
• Protection against a declining housing market