Millenium Home Mortgage is a home mortgage lender and a home refinance company out of Marlboro, NJ. Low rate FHA loans, Jumbo Loans and ARM's
Mortgage Lenders Marlboro, NJ

Are you in need of a mortgage lender or home refinance company in Marlboro, NJ?

Marlboro , NJ is a lovely area to buy and enjoy your first home. You should be more then excited about this process, but educated in the steps you need to take to purchase a home loan. First, get pre-approved for a loan. But, which loan seems to be the best?

FHA, Fixed-rate, adjustable-rate, and jumbo mortgages are all great options for first time home buyers.

 

FHA Mortgage

By far the most popular loan available to most first time home buyers is an FHA loan. It is backed by the federal government.  New home buyers can pay as little as 3.5% towards a home mortgage and have a lower FICO score because the requirements are not as strict as with many other loans.

New home buyers have the option to do an FHA streamline home refinance. It is one of the fastest ways to refinance a mortgage to today's interest rates. This is great because of the recent drop in interest rates.

FHA mortgages typically have a higher insurance premium than other loans. Sometimes this premium makes the loan less affordable. Luckily, FHA mortgage insurance premiums on 30-year Fixed FHA loans have been reduced in recent months. This is exciting for many home buyers.

Fixed-Rate Mortgage in Marlboro, NJ

This is a favorite mortgage among many first time home buyers because:

       -   the mortgae has a fixed interest rate during the entire duration of the loan.

       - It allows you to budget with certainty as you know the exac tnumber on the monthly payments. You will never worries about fluctuating  interest rates.

Jumbo Adjustable-Rate Mortgage (Jumbo ARM)

This type of loan is for a luxury home or homes located in expensive areas. The mortgage loan amount exceeds the compliant loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO). It is not guaranteed or securitized by Fannie Mae or Freddie Mac.

If you choose a jumbo ARM, the loan might be securitized by another institution at a high interest rate. If you are able to finance 20 % of the down payment for a purchase and have a large income and/or many assets to prove you can afford the loan, this could be the mortgage for you.

Adjustable-Rate Mortgage (ARM)

Adjustable-rate mortgages are just that, adjustable. After an initial period, the loan's interest rate will fluctuate depending on the market and ARM margin.

This type of loan is not ideal for many people because the interest rates can change wildly. Even if your income increases over time, it may not increase quickly enough to afford the loan.

If you will not own the home for long, however, it might be worth it to take advantage of the low introductory interest rate.

No matter what you choose, know that we at Millennium Home Mortgage will be here to help you.