Loan Products

Some of the loans SoundChoice Mortgage offers.

 

LOAN TYPE OVERVIEW BENEFITS
Fixed Rate Mortgage The Interest rate remains fixed for the stated period of the loan., 30,25,20,15 and 10 year terms are available. Your monthly principal and interest payment will never change. Budgeting is easier for the long term.
Adjustable Rate Mortgage (ARM) The interest rate is generally fixed for the first 3,5,7, or 10 years. After that time, the rate becomes variable for the remaining term of the loan, and adjusts every year thereafter based on the movement of the index. You payment will change based on the change in your rate. ARM’s generally offer lower start rates/payments when compared to a fixed rate loan. Your rate can increase, but also can decrease as the index rises and falls. If your planning on owning a home for a short period, this might be a good option for you.
Jumbo Mortgage Jumbo mortgages are generally mortgages that are larger that the current conforming loan limit. The conforming loan limit is currently at $417,000. Jumbo Mortgage come in both fixed rate and ARM products. Generally, at least 20%down payment is needed for a purchase
FHA FHA loans are fixed rate and ARMs that are insured by the government. FHA loans have lower down payment requirements and are more flexible with less than perfect credit.
HARP Loans This program is designed for customer that hold a Fannie Mae or Freddie Mac loan that was taken out prior to 5/31/09. This program was designed to allow homeowners to refinance their loan, ever if they owe more than its valued at.