Our staff will discuss your buying requirements and thoroughly explain how different mortgages work. When you apply with Finance 1 LLC, you’ll be working with a business that’s fully accredited by the Better Business Bureau.
In order to find you low rates and great terms, we’ll review your credit history. We may have some advice that boosts your rating, making your application more attractive and less of a risk. If you’re interested in applying for a mortgage that’s secured by the federal government, we can assist with Fannie Mae and Freddie Mac loans.
Conventional Mortgage Loan
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
Federal Housing Administration (FHA)
If you’ve been dreaming about home ownership but you don’t have a large down payment, an FHA mortgage loan could be ideal for your situation. The friendly professionals at Finance1 LLC feel that you deserve a chance to purchase a property that you can call your own.
Veterans Administration Loans (VA)
If you’ve served in the military, you may qualify for quick approval with a Veterans Administration Loan.
USDA Rural Development Loans
Thanks to the USDA’s rural development program, home buyers in rural areas are often eligible for special loans. These loans give buyers the ability to secure affordable financing without fronting large down payments. They also offer low interest rates and don’t include monthly PMI charges.
Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
Adjustable Rate Mortgages (ARM)
Looking for a low monthly payment and an amazing introductory interest rate? An adjustable rate mortgage may be perfect for you. For the right borrower, an adjustable rate mortgage (ARM) offers a number of benefits over a fixed rate mortgage, and a low monthly payment is just one of them. At Finance 1 LLC in Omaha, NE, we offer several ARM programs designed to help you manage your expenses in the short term and achieve your financial goals – both now and in the future.
This loan has a rate that is recalculated once a year.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.