Whether you're purchasing your first home as a first-time buyer, moving into a bigger home, or looking for ways to save money on your monthly mortgage payments, we can help. Landmark Mortgage and Realty offers home buyers a wide selection of home purchasing loan options and home purchase loans tailored to match your specific needs and budgets, including fixed-rate loans, adjustable-rate mortgages (ARM), second liens, and home equity lines of credit (HELOC)*. Take a look at the purchase loan options provided by Landmark Mortgage and Realty to decide which home loan is right for you.
Fixed Rate: enjoy the predictability of a fixed interest rate for the life of your loan.
Adjustable Rate Mortgages: take advantage of low interest rate ARMs and low monthly home loan payments.
Interest-Only Home Loans: loans that involve a home loan payment option that offers lower home loan payments during the first years of the home loan Also, discover how to take advantage of the equity in your home using home equity loans and home equity lines of credit. These are just a few of our innovative fixed rate mortgages. Please ask your Landmark Mortgage Agent for details on other home loans offered.
Adjustable Rate Mortgages
Also called ARMs, adjustable-rate mortgages have a unique interest rate feature that changes, or adjusts, over the life of the home loan. An ARM may be attractive to you if you desire a slightly lower interest rate during the initial stages of owning your home, if you expect that your income will rise in the future, and/or if you are not planning to stay in the same home for long. Also, an ARM may have an initial interest rate lower than a fixed-rate home loan. Depending on your home loan requirements, your initial payments will be at a fixed interest rate. Afterwards, your interest rate will be adjusted by adding a pre-determined margin to a specific index like Treasury bills or LIBOR (London Inter Bank Offered Interest Rate Index). ARMs are generally referred to as 1/1, 3/1, 5/1, 7/1 and/or 10/1 – this means that the initial fixed interest rate period is for 1, 3, 5, 7 or 10 years, respectively, and then the rate is adjusted every year for the life of the home loan. In addition to the initial interest rate adjustment period mentioned above, there are other types of ARMs, including: FHA Loans: FHA home loans are insured by the Federal Housing Administration (FHA) and are popular with first-time home buyers as they feature flexible down payment and credit requirements.
Jumbo Loans: Jumbo loans are specific adjustable-rate home loan programs and are designed for homes priced $417,000 to over a million dollars.
Interest-Only ARMs: these variable rate home loans have an interest-only payment for a fixed period over the life of the home loan.
These home loans feature a fixed interest rate for the life of your home loan, so your monthly payments (principal and interest) will always be the same. Most homebuyers choose 15- or 30-year fixed rate loans, although 10- and 20-year loans are also available. As are 35-and 40-interest only. The fixed rate home loans are usually your best choice when interest rates are low and you plan to stay in your home for at least five years. Fixed-rate home loans are for a variety of potential homebuyers. These include:
Low-down payment programs: these are often ideal for first-time home buyers and buyers who have not saved a large down payment, but prefer to buy a home and begin building home equity immediately
Government programs: home loans that are sponsored by the FHA (Federal Housing Administration) or VA (Veteran's Administration).
Jumbo loan programs: loans for homes over $417,000
Second mortgages: these are often combined with first mortgages to eliminate the need for private mortgage insurance (PMI)
Interest-Only Home Loans: loans that involve a home loan payment option that offers lower home loan payments during the first years of the home loan
The Federal Housing Administration - commonly known as FHA - is not a lender. Instead, FHA provides mortgage insurance to help more people buy homes. In turn, this insurance makes it possible for Landmark to offer FHA-qualified buyers flexible down payment options of just 3% or less. Other advantages of FHA-backed financing include relaxed credit requirements, plus the allowance of "gift funds" if a family member or employer wants to help you buy a home. FHA loan limits vary per state and county, so be sure to consult your Landmark Mortgage Agent before shopping for a home.
Low Down Payment Programs
We offer a variety of loans designed to help qualified borrowers buy a home sooner rather than later, without the necessity of saving for a large down payment. Some of these programs include:
FHA Loans: the Federal Housing Administration (FHA) insures loans so lenders can offer financing to homebuyers with limited down payment funds and/or credit challenges.
VA Loans: if you're a military veteran, be sure to ask about Veteran's Administration (VA) loans. You may be able to buy a home with no down payment, and with a lower interest rate than ordinarily available.
If you live in an area where home prices are often over $417,000, talk to your Landmark Agent about our array of Jumbo loans. Both fixed and adjustable rate loans are available – some up to $5,000,000!
We also offer combination loans that eliminate your private mortgage insurance (PMI) requirement by dividing your total financing into a first and second mortgage, also called 1st and 2nd lien.
If you're not able to produce a 20% down payment for purchasing a home, but want to avoid the additional expense of private mortgage insurance (PMI. Instead of taking out a single mortgage, we can "split" your total mortgage into a first and second mortgage, eliminating the PMI requirement. These are often called combination loans.
If you already own a home, but want to take advantage of declining home loan interest rates, you may be interested in refinancing your home loan. Home Loan refinancing and cash out mortgage refinancing allows you to lower your monthly home loan payments, get cash back, shorten the term of your home loan, and consolidate your first and second home loans into one loan. Until recently, the rule of thumb for home loan refinancing was to wait until mortgage interest rates were at least 2% lower than your current interest rate. But with newer low and no closing cost refinancing programs, you may benefit from home loan refinancing with smaller rate reductions. Take a look at our refinancing loans to help you decide which one is right for you.
Fixed Rate: enjoy the predictability of a fixed interest rate for the life of your loan
Adjustable Rate Mortgages: take advantage of low interest rate ARMs and low monthly home loan payments
VA Loans Currently, over 29 million military veterans and service personnel are eligible for Veteran's Administration (VA) home financing. VA home loans offer homebuyers several major advantages: for example, many require no down payment for homes valued at up to $417,000. In addition, VA home loans usually feature lower interest rates than other home loans. Other features include of VA loans are: