Home Loan Options
At TrueWay Mortgage, we’re committed to ensuring every client finds the right financial solution for their unique needs.
Whether you’re refinancing an existing mortgage loan or purchasing your first home, we’re here to match you to mortgage loans with competitive interest rates and advantageous terms.
Finding the Right Loan for Your Needs
The type of loan you pursue depends on your specific purposes, which include whether you’re buying a home for personal use, investing in rentals, or refinancing your primary residence.
Additionally, your borrower profile can influence what loan you will qualify for. Your credit score, income, type of employment, military service history, and what kind of home you purchase will all impact which product best meets your needs.
We offer numerous types of home loans tailored to the needs of different consumers, such as first-time homebuyers, veterans, and investors. Our team will help you explore your options, identify the product that will help you meet your financial goals, and compare mortgage lenders to find the perfect loan originator.
Purchase Loan Options
Purchase loans come in all shapes and sizes, from conventional mortgages for well-qualified first-time borrowers to jumbo loans for those seeking the utmost in luxury.
We will guide you through your options based on your credit score, monthly payment goals, and down payment size. By seeking out the best interest rate, we can help lower your monthly payments so you can pay off your home faster. We’ll also match you to assistance programs that reduce upfront costs.
Jumbo mortgages allow you to rise above the conforming loan limit set by the Federal Housing Finance Agency for conventional loan products. These high-balance loans are an excellent option for investors or high-income individuals who can afford higher monthly payments. Another plus is that you won’t have to pay mortgage insurance premiums, as lenders will typically expect at least 20% down.
The Federal Housing Administration (FHA) 203k loan is a special government-backed loan for those who see a home’s true potential. This mortgage bundles a renovation loan and mortgage, making purchasing a fixer-upper at least a year old easier. 203k loans are an excellent option for first-time homebuyers who want to buy in a promising area with low property tax.
The FHA loan helps borrowers with lower credit scores afford homeownership. Because the government promises to repay lenders part of the loan if the borrower defaults, lenders are more willing to work with those who may not otherwise qualify. While they have lower loan limits, FHA loans come with competitive interest rates and low down payment requirements.
These unique 2-1 buydown loans offer a low introductory interest rate before adjusting to a fixed-rate loan in the third year. In the first year, you’ll pay 2% less in interest; in the second year, you’ll pay 1% less; in the third year, your monthly principal and interest will be set back to the agreed-upon rate.
A conventional mortgage is a great option for those with a good borrower profile, especially as you can find low down payment options. Fannie Mae and Freddie Mac can purchase and bundle these conforming loans, so a mortgage lender is more willing to provide a competitive rate. As a plus, if you put at least 20% down, you will not have to pay mortgage insurance.
The Department of Veterans Affairs (VA) loan is a government-backed product that thanks veterans for their service. It provides excellent interest rates, no down payment requirement, and no mortgage insurance, though you must pay the VA funding fee upfront.
While most borrowers can qualify for standard loan products, self-employed borrowers may find it challenging to provide the documentation needed. A self-employed loan option can use different income verification processes, allowing freelancers and business owners to purchase their dream homes.
US Department of Agriculture (USDA) loans are government-backed loans for those who want to buy in rural areas. Unlike VA or FHA products, you must purchase in a USDA-approved rural area, generally outside a major metropolitan area. They offer a competitive fixed interest rate, more permissive credit score requirements, and no down payment requirement.
Non-qualified mortgage loans help those who may not qualify for other products due to having nontraditional income or a unique credit history. Those who can afford a higher down payment and larger interest payments will appreciate the flexible credit score requirements and faster underwriting process.
Fixed-rate mortgages are the gold standard of conforming loan products. With fixed-rate loans, you have the same interest rate throughout the life of the loan, making it easy to predict your monthly payments. The fixed-rate mortgage is a good option for those who intend to stay in their home for the long term.
Adjustable rate mortgages (ARMs) are outstanding for those who don’t intend to stay home for the whole loan term or borrowers who are just starting their careers and expect bright prospects. You receive a lower interest rate in the first five to seven years before the loan adjusts to the standard interest rate.
Down payments can be a significant hurdle for borrowers. Still, our team at TrueWay Mortgage will help you find programs that reduce your upfront expenses, like closing costs, while allowing you to provide a larger down payment. Some of these are piggyback loans paid with your mortgage, while others are grants that never have to be repaid.
Refinance Loan Options
If you’d like to lower your monthly interest payment, obtain funds for necessary renovations, or eliminate mortgage payments, you have various refinancing options. TrueWay Mortgage will help you find the perfect refinance loan for your goals.
Our team will assess your current home equity and refinancing goals and whether to pay off other loans or have a safety net during retirement. We’ll then help you find great lenders with reasonable rates, guiding you through each step of the process.
Leverage your home equity to pay for your needs, whether that is renovations or eliminating high-interest debts. A cash-out refinance takes out a larger loan amount based on your home’s current value and provides you with the difference between your home equity and the new loan in cash. You can also take out a jumbo loan if your home’s value has risen significantly since you opened your first loan.
Mortgage refinances are a versatile product that can help you save on interest or pay your home off faster. You can convert adjustable-rate mortgages into fixed-rate mortgages, change loan servicers, or take advantage of current interest rates to reduce your monthly principal and interest payments. With a refinance, you take out a new loan that covers your remaining principal, closing out the existing mortgage.
Eliminate your monthly mortgage payment and leverage your home’s equity for a comfortable retirement. The Reverse Mortgage product is specially formulated for senior homeowners and lets them get paid in their home’s equity. While you will still be responsible for property taxes and homeowners insurance, this can significantly reduce your monthly expenses.
A Home Equity Line of Credit (HELOC) is a revolving line of credit based on your home equity, which can be drawn down as needed to pay for your needs. Whether that is to pay for ongoing repair costs or cover other expenses, HELOCs provide more flexibility than other refinancing options - and you only need to take out as much as you need in any given month.
Start Exploring Your Home Loan Options with TrueWay Mortgage
Whether you’re looking for a fixed-rate conventional loan, adjustable-rate mortgage, or specialized investor product, TrueWay Mortgage has you covered. We work closely with our customers to understand their unique needs and then match them to a loan product that will help them succeed.
Use our Quick Quote form to get a fast loan estimate, or contact us directly to receive personalized advice about your mortgage options. We’re excited to help you take the next step of your home-buying journey.
