Bill Mervin Team
Certified Mortgage Planners
Choose the Right Mortgage for You
Buying a home has been the primary way Americans have built wealth for decades. In today’s world, new technology and a multitude of financing options have intersected to create a host of options for buyers – and they’re taking notice. Whether you’re buying your first home or your fifth, we’re here to help.
Conventional loans are ideal for homebuyers with good credit scores. There are a variety of conventional loan programs with different minimum down payments. We lend both conforming and non-conforming (jumbo) loans.
- Minimum down payment requirement
- Advantages for higher down payments
- Ideal financing for properties commonly restricted by government loans
- Several mortgage insurance options available for loans with less than 20% down, including:
- One-time, upfront insurance
- Monthly mortgage insurance, which could cancel at 78% equity
- Financed mortgage insurance
Lender paid mortgage insurance
An FHA loan is an attractive option for many first-time homebuyers because it allows for lower down payment and easier credit qualifying.
- 3.5% down payment
- Program can be combined with additional down payment assistance programs to further reduce costs
- Monetary gifts from family can be accepted towards down payment
- Seller can pay up to 6% towards closing cost / prepaids
- Fixed or adjustable rates available
- Shorter waiting period after a derogatory credit event
VA Mortgage
Designed for active-duty military, veterans, reservists, and the surviving spouse of a veteran, VA loan programs offer up to 100% financing (based on VA lending limits) for purchase loans, and up to 100% for cash-out refinances.
- 0% down payment (based on VA lending limits and VA eligibility)
- Seller can pay all closing costs and escrows
- Seller can pay debts in veteran’s name to help qualify
- VA funding fee may be financed
- Fixed or adjustable rates available
- No monthly mortgage insurance premiums
Refinancing
Refinancing is the process of getting better terms on your current mortgage by taking out a completely new loan. This new-and-improved mortgage will leverage positive market conditions, and Apex can customize it to your financial goals, helping you to achieve:
- Lower monthly payments
- Shorter loan terms & greater financial stability
- Adjustable to fixed-rate loan conversions
- Consolidated debt
- Home enhancements & renovations
- Removal of Private Mortgage Insurance premiums
