If you are looking to buy a home in Irvington, New Jersey, or already own a home, then you have come to the right place. There are many options available to you in the home market, whether you are looking for a mortgage to purchase a home, looking to refinance your current mortgage with a better term and interest rate or whether you are looking to tap into your home’s equity.
Finding the right mortgage
If you want to purchase a home in Irvington, then you will need a mortgage that suits your needs. There are a number of options available to you, consider some of these mortgage types:
Fixed rate mortgage: A fixed rate mortgage, or FRM, has a fixed interest rate that is set at the beginning of the loan. The interest rate on an FRM may be slightly higher than with other mortgage products, but you will not have to worry about the interest market rising and increasing your payments down the road.
Adjustable rate mortgage: If you like the idea of low starting payments for your mortgage then this is the perfect loan for you. However, the downside of an adjustable rate mortgage, or ARM, is that the interest changes at intervals, usually once per year, which could translate to a higher interest rate and higher mortgage payments.
50-year mortgage: If you are looking for a home in Irvington, and the house of your dreams has a higher than average price tag, then you may have some difficulties qualifying for a traditional mortgage like those listed above. A 50-year mortgage could be the solution. These mortgages are usually adjustable rate mortgages, but because of the extended period of the loan, amortized for 50 years instead of the normal 15 to 30 years, the mortgage payments are smaller and more affordable which could help you into the house of your dreams.
Interest only mortgage: If expect your income to increase over the next 10 years, an interest only mortgage could be an option for you to get into a home of your own now with the prospect of paying more in the future. For the first 10 years of an interest only mortgage, the payments you make are only the interest on the mortgage. However, after 10 years, you will pay both interest and principal payments on the mortgage for your home.
Do you need to refinance your current mortgage?
If you already own a home in Irvington, refinancing your mortgage or loan may be a good option for you. There are a few options to choose from for refinancing. You could go the usual route and get a new mortgage with a new interest rate and new term, and pay your old one off. This is a good option to lock in lower interest rates and payments. Another option you can consider is a cash-out refinance loan. This type of refinancing replaces your existing mortgage, but also gives you a check for the equity that you have built in your home. Essentially, you are starting your mortgage all over again at the market price you paid for your home but getting the cash that you have paid already to a mortgage to use.
Home equity loans
A home equity loan is another way to access the cash value of your home. A home equity loan converts the equity in your home to cash on hand for you. With a home equity loan, you keep your original mortgage and payments and add a ‘second mortgage’ to your home and financial load.
Now that you have a solid idea of the products that we offer, take a few minutes and fill out the form below so we can help you get into a home in Irvington. One of our qualified lenders will be in contact with you shortly.
