Great Programs from a Respected Massachusetts Mortgage Company
There are thousands of mortgage programs to choose from. The list below identifies the most common types of loans that banks or other institutions offer. Westchester Mortgage can help you sort through all of the information available so you make the best choice for your financial and personal situation.
We understand all aspects of home financing. We know the best lenders, the most competitive programs, the requirements that allow your loan to move quickly. We’re a mortgage company that guides each of its Massachusetts clients. We guide you through the process step-by-step. We save you time and money.
Common Programs Available
Fixed Rate Mortgages: With a fixed rate mortgage, the interest rate and payments remain the same for the life of the loan. Fixed rate loans are typically for 15, 20, or 30 years; however, different lending institutions offer different terms. The interest rate on a fixed rate loan is usually higher then that for an adjustable rate mortgage because the rate is locked in over many years at a fixed rate.
Adjustable Rate Mortgages: With an adjustable interest rate mortgage (ARM), the interest rate adjusts based on an index over a predefined time period. The advantage with an adjustable rate mortgage is that the interest rate typically starts lower than a fixed rate. The adjustment schedule and interest rate varies depending upon the loan program.
Jumbo Loans: Any loan that exceeds $417,000 is considered a jumbo loan. Rates on jumbo loans are higher due to the higher risk.
Learn more about what a mortgage broker is and how one can help you, then give us a call at 888-524-1183. We’re sure you’ll see the Westchester Mortgage difference!