Dignified Home Loans offers numerous home loan options for interested customers. In order to find the home loan that is right for you please contact us. After an assessment of your financial situation your loan officer will be able to make specific recommendations that can include any of the different types of loans listed below.


30-Year Fixed Rate Conventional Mortgage - Purchase or Refinance

The traditional 30-year fixed-rate loan has an interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually more cost effective. It is generally harder to qualify for a fixed-rate loan than for an adjustable rate loan. When interest rates are low, however, fixed-rate loans are often not that much more expensive than an adjustable-rate mortgage and may be a better deal in the long run, since the interest rate is locked in for the life of the loan.


15-Year Fixed Rate Conventional Mortgage - Purchase or Refinance

This is a 15-year loan with an interest rate and monthly payments that never change. It offers all of the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast! The disadvantage is that the monthly mortgage payment is higher for a 15-year loan. Some borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that substantial.


Adjustable Rate Mortgages (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM) - Purchase or Refinance

The interest rates on these types of loans adjust on a predetermined basis.  Most adjustable rate loans have a fixed interest rate for a certain period of time at the beginning of the loan, and then adjust up or down after the fixed period expires according to the index on which the loan is based.  For example, a "5/1 ARM loan" has a fixed monthly payment and interest rate for the first five years and then the rate may adjust each year thereafter for the remaining 25 years. The initial interest rate on adjustable rate loans is almost always lower than the interest rate on a traditional 30-year fixed mortgage.  These loans usually include a lifetime cap so the monthly payments cannot increase indefinitely.


FHA and VA Mortgage – Purchase or Refinance

FHA insured loans are backed by the US Federal Housing Administration. VA loans are guaranteed by the US Department of Veteran Affairs. These loans are traditionally a good alternative to Conventional loans for those borrowers with little or no down payment or who may have had minor credit issues in their past. They are available in both Fixed Rate and Adjustable Rate options and offer competitive rates in this mortgage environment. As the name suggests, VA loans are only available to United States veterans, including eligible Reservists and National Guard personnel, or their surviving spouses.


Jumbo Non-Conforming Mortgages– Purchase or Refinance

The Jumbo loan picks up where the Conventional loan leaves off in terms of higher loan amounts. Borrowers with a need for loan amounts above the county specific Conventional loan limits can apply for a Jumbo loan. Both Fixed Rate and Adjustable Rate options are offered. Average interest rates for Jumbo loans are typically higher than those for Conventional loans, but compensating factors like high credit quality and greater down payment amounts can help narrow that gap.


Renovation Mortgages - FHA 203(k) and Homestyle

A renovation mortgage allows a home buyer to borrow enough money to purchase or refinance a home and complete any needed repairs or upgrades in a single loan, based on the value the home will have once those improvements are completed. The FHA 203(k) loan has many of the same features as a typical FHA insured loan, but requires a licensed contractor to provide estimates for the renovations being proposed. There are two versions of the 203(k) loan; Standard and Limited. Standard 203(k) mortgage are used for almost any kind of renovation or improvement, while Limited 203(k) mortgages are for projects that don't require structural modifications. In addition there is also a non-government product called Homestyle which is very similar to the standard 203(k) loan.


Reverse Mortgages - Purchase or Refinance

Like traditional mortgages, a reverse mortgage can be used to purchase or refinance your primary residence, but with a reverse mortgage there are no monthly mortgage payments to make. With a reverse mortgage, the monthly interest due is added to the reverse mortgage balance. Although the loan balance will rise over time, you will never owe more than the value of your home. A reverse mortgage will replace any existing mortgages on your home and converts a portion of your remaining home equity into cash, a monthly distribution of cash, or a line of credit. The reverse mortgage is repaid when the home is no longer your primary residence. Reverse mortgages are only available to homeowners aged 62+ who have sufficient equity in their properties. The proceeds from a reverse mortgage can be used however you choose - there are no restrictions. A reverse mortgage used to purchase a primary residence allows the borrower to acquire a more valuable home than they would be able to if using just cash and retain their cash liquidity.