Home Mortgage Loans

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Home Mortgage Loans by Mind Map: Home Mortgage Loans

1. Quicken Loans

1.1. Adjustable Rate Mortgage-Interest rate has the potential to change annually depending on market, so mortgage payment may go up or down each year.

1.2. Down payment as low as 5%. Refinance up to 95% of current home's value. Monthly mortgage payments more affordable in early years.

1.2.1. Fixed interest rate for specific period. Rate won't increase more than 5% of original rate for duration of loan.

1.3. Fixed interest rate for specific period. Rate won't increase more than 5% of original rate for duration of loan.

1.4. Starting interest rate typically lower than other loans. 4.25% and 5.219% APR.

1.5. YOURgage-custom mortgage term with fixed interest rate. Down payment low as 3%.

1.6. Loan amounts up to $484,500.

1.7. USDA-Option for purchasing home in qualifying rural area.

1.8. No down payment. Low credit score-620. Guarantee fees lower than FHA mortgage insurance premiums.

2. Navy Federal Credit Union

2.1. Begin with fixed interest rate with initial term, then it adjusts according to index.

2.2. Interest rate as low as 2.375%. APR 4.867%. 10-30 years.

2.3. 0-10% minimum down payment. No PMI. Interest only options available. Refinance options available.

2.4. Conventional Fixed Rate-No PMI. Interest rate as low as 4.000%, APR low as 4.243%

2.5. 10-30 years. Down Payment 5% minimum.

2.6. 100% Financing Homebuyers Choice-First Time Homebuyers

2.7. Fixed rate loans have 100% financing options. No down payment required. No PMI. Refinance options available.

3. Wells Fargo

3.1. Adjustable Rate Mortgage-Includes interest rate cap which sets limit on how low or high interest rate can go.

3.2. Provides flexibility for future decisions about moving, refinancing or growth in income.

3.3. Principal and Interest remain the same for initial period, adjusting annually after initial period ends.

3.4. Fixed-Principal and Interest rate remain the same for duration of loan. Extra features such as a temporary payment reduction may be added.

3.5. Allows customers to budget better with predictable monthly principal and interest payments.

3.6. No matter how high the interest rates go, customers are protected from rising interest rates. Monthly principal and interest payment is typically higher on shorter-term loans than longer-term loans.