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Loan Options

You need options, and we've got them for you.

When it comes to your home financing, you want options.  It's important to find the best home mortgage to fit your needs.  At Reliant Bank Mortgage, we have a variety of products and our Mortgage Loan Originators can help you determine the best one specifically for you.

HELOC

A Home Equity Line of Credit, or HELOC, is a mortgage loan option designed to help you use the equity in your home responsibly. With a HELOC, you have access to as much or as little of your home’s equity as you need. Competitive rates and flexible terms make this an attractive solution for borrowers.

HELOCs may be used for purchase and/or refinance transactions on your primary residence or investment property. The loan may be First Position as a primary mortgage or Second Position behind your first mortgage.  Rates are variable and terms are typically shorter than a standard 15- or 30-year mortgage.

To determine the home equity solution best suited for your specific needs, contact us today.

Conventional Loan

A conventional loan is a mortgage that is not guaranteed or backed by a government agency. Conventional loans are ideally better for the client who has excellent credit and can afford a down payment of 5% or more. Those who choose a conventional loan may need to bring more money to closing and potentially could be required a larger down payment.  The benefits of a conventional loan may include a better rate and a quicker turnaround time since they pose less bureaucratic hurdles.  In addition, there is no need for mortgage insurance with a 20% down payment for primary, secondary or investment properties.

You may opt for a Fixed Rate or an Adjustable Rate Mortgage or ARM.

  • Fixed Rate:  A set rate for 15-30 year period.
  • Adjustable Rate Mortgage (ARM):  The rate adjusts periodically.  This is suited for the homeowner who is planning to sell within 5-7 years.

A mortgage representative can recommend the best product for your specific needs.  If you aren't certain which type of loan product is ideal for your credit situation, contact us today and our mortgage experts can help identify the best plan for you.

Fixed Rate Mortgage

A fixed rate mortgage is one that has an interest rate in which it does not change over the term of the loan.  The benefits of a fixed rate mortgage is that the borrow can plan for a set loan payment each month versus an adjustable rate in which the rate could possibly change.  Both a conventional loan and an FHA loan offer a fixed rate option.

A mortgage representative can recommend the best product for your specific needs.  If you aren’t certain which type of loan product is ideal for your credit situation, contact us today and our mortgage experts can help identify the best plan for you.

Adjustable Rate Mortgage

An adjustable rate mortgage (ARM) is one that has an interest rate in which it does changes over the term of the loan based on a certain benchmark.  Both a conventional loan and an FHA loan offer an adjustable rate option.  An adjustable rate mortgage is often referred to as a "floating rate mortgage" or a "variable rate mortgage."

A mortgage representative can recommend the best product for your specific needs.  If you aren’t certain which type of loan product is ideal for your credit situation, contact us today and our mortgage experts can help identify the best plan for you.

FHA Home Loan

An FHA Insured Loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) is required. To learn more about how MIP is calculated please click here.

Borrowers will need a 3.5% down payment for an FHA loan.  Gifts are allowed and non-occupying co-borrowers can help to qualify.  Qualifying for an FHA loan is a little easier and the seller can pay closing costs.

You may opt for a Fixed Rate FHA or an FHA 5/1 year ARM:

  • Fixed Rate:  A set rate for 15-30 year period.  The maximum loan amount is determined based on the county to property is located.
  • 5/1 year ARM:  The rate for the first time after 60 months (5 years) and then adjusts annually.  The rate may adjust not more than 1% annually and 5% over the life of the loan.  This is suited for the homeowner who is planning to sell within 5-7 years.

A mortgage representative can recommend the best product for your specific needs.  If you aren’t certain which type of loan product is ideal for your credit situation, contact us today and our mortgage experts can help identify the best plan for you.

VA Loan

Qualified Military Veterans have a special mortgage available to them guaranteed by the Department of Veterans Affairs.

Jumbo Mortgage Loan

A jumbo loan is very similar to a conventional loan, but with a minimum loan amount of $453,100.  Jumbo loans are a mortgage that is not guaranteed or backed by a government agency. Conventional loans are ideally better for the client who has excellent credit and can afford a down payment of 5% or more. Those who choose a conventional loan may need to bring more money to closing and potentially could be required a larger down payment.  The benefits of a conventional loan may include a better rate and a quicker turnaround time since they pose less bureaucratic hurdles.  In addition, there is no need for mortgage insurance with a 20% down payment for primary, secondary or investment properties.

You may opt for a Fixed Rate or an Adjustable Rate Mortgage or ARM.

  • Fixed Rate:  A set rate for 15-30 year period.  The loan amount for a jumbo loan purchase or refinance is greater than $453,100.
  • Adjustable Rate Mortgage (ARM):  The rate adjusts periodically.  This is suited for the homeowner who is planning to sell within 5-7 years.

A mortgage representative can recommend the best product for your specific needs.  If you aren't certain which type of loan product is ideal for your credit situation, contact us today and our mortgage experts can help identify the best plan for you.

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