Fixed Rate Mortgages
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payment which never change during the loan’s lifetime.
Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or “amortized” so that it will be completely paid off by the end of the loan term. There are also “bi-weekly” mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 “months” worth, every year.)
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting. Read More..
Government Insured Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to qualify for low mortgage rates with a minimal down payment.Read More..
Veteran Affairs or VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. Read More..
Down Payment Assistance Programs
The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That’s why Unyque Financial offers several options for down payment and closing costs assistance. This type of assistance is often called a second or subordinate loan however some assistance can be in the form of a grant. Subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
Unyque Sapphire Grant
The Sapphire down payment assistance program is a California homebuyer grant for moderate income individuals and families who can qualify for a mortgage but need assistance with down payment and or closing costs.Read More..
The California Housing Finance Agency (CalHFA) CalPLUS Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance and/or closing costs.
Mortgage Credit Certificate Tax Credit Program (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.
Reverse mortgages allow senior homeowners, age 62 or older, to convert a portion of their home equity into cash while still living in the home. Equity is the current cash value of a home minus the current loan balance.Read More..