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• Fixed Rate Mortgages |
This traditional method of financing gives you the safety and security of set monthly payments. First Step Lending also offers fixed rate mortgages for 10, 15, 20, and 30 year terms. With a fixed rate mortgage, your interest rate and monthly payment remain the same throughout the entire term of your loan.
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• Adjustable Rate Mortgages (ARMs) |
An alternative to fixed-rate financing is the adjustable rate mortgage. The most obvious advantage of an ARM is a lower initial interest rate, which means lower initial monthly payments. First Step Lending ARMs are indexed to U.S. Treasury Securities and can fluctuate to reflect current market rates, at adjustments.
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• Balloon Mortgages |
First Step Lending offers a 5/25 balloon or 7/23 balloon mortgage program. The balloon mortgage option gives you the ability to amortize your loan over 30 years, but at a lower rate because the rate is fixed for only 5 or 7 years. At the end of that time, your loan may be extended at market rate for the remaining 25 or 23 years.
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• Jumbo Loans |
For mortgages over $333,700, First Step Lending offers competitive 15 and 30 year fixed rate loans, adjustable rate loans and balloon loans.
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• FHA and VA Mortgages |
Mortgages offered through the Federal Housing Administration (FHA) and Veterans Administration (VA) are 15 or 30 year fixed rate loans which provide qualified home buyers several unique benefits. FHA has an ARM loan that starts at a low interest rate.
Qualified veterans of the United States military can apply for a VA loan with no down payment. FHA mortgages require only a small down payment and the buyer can finance closing costs.
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• Home Construction Loans |
When you decide to build your dream house, one of First Step Lending's many construction loans will make the process easy.
Our home construction loans have no minimum or maximum and low down payments. Additionally, First Step Lending offers an interest only construction loan in conjunction with a permanent mortgage on your completed home . . . all conveniently handled in one closing. During construction, you are charged only for the interest on funds paid out by First Step Lending. Upon completion of your home, your loan automatically converts to a permanent mortgage with no additional closing costs.
Once you have completed a mortgage application and submitted a contract to build, your First Step Lending Loan Representative will review your application and discuss any additional documentation you may need to supply.
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• Pre-Approval |
When Shopping for a new home, the Pre-Approval letter will allow you to shop with cash because the seller knows that you have a loan to buy their house.
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