Conventional Fixed Rates
By far the most popular choice, fixed rate mortgages are the most traditional way to finance your home. The interest rate will never change, there is no prepayment penalty, and there are numerous terms to choose from including a 30 year fixed or 15 year fixed, 25, 20 or 10 year terms.
Adjustable Rate Mortgages (ARM)
An adjustable rate mortgage or “ARM” is a loan typically suited for homeowners who plan to own their property for a relatively short amount of time. The interest rate is lower than a conventional fixed rate. Liberty Financial offers ARM products with a fixed period for 3, 5, or 7 years. After that, the rate will increase or decrease once per year based on the 1-year London Interbank Offered Rate (LIBOR).
An FHA loan is a government insured product for borrowers with less than perfect credit and/or who wish to buy a home with a very low down payment (3.50%). We also offer an FHA streamline which is a refinance program for homeowners who currently have an FHA loan. Borrowers are often able to lower their interest rate with no closing costs and without an appraisal. Great loan program for first time buyers.
Home Affordable Refinance Program (HARP)
HARP is a government sponsored program that allows homeowners to refinance their property without private mortgage insurance (PMI) at a high loan to value ratio. If you are looking to lower your rate but have little to no equity in your home, a HARP loan might be a perfect fit for you.
These products are for borrowers who require loan amounts over the conforming limit of $417,000. Liberty Financial offers jumbo loans up to $3 million. High Balance loans are available in certain counties where property values are high. Super-conforming loans have lower rates than jumbos.[share facebook=”true” twitter=”true” google_plus=”true” linkedin=”true” email=”true”]