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Home Purchase
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Buying a new home?
Whether you want to purchase a new home, a second home, or
an investment property, Liberty Funding has a mortgage program
that's perfect for you.
Liberty Funding makes sure we find the best mortgage program
to fit your personal needs. No matter what your credit score, level of income or assets,
or employment status, we can help you.
Purchase Programs: Choose a loan program that best describes
the type of mortgage you are looking for?
Fixed Rate Mortgages offer control and stability. Fixed Rate mortgages offer an interest rate that remains the
same through the term of the loan, as opposed to loans where the interest rate may adjust or float. You pay the same principal
and interest payment each month until the loan is fully paid off. |
The most common fixed-rate mortgage is the 30-year fixed rate
loan. Fixed rates also come with terms of 10, 15, 20 and 25 years.
The advantage of a fixed rate mortgage is that it provides permanent
long-term rate security. Typically, it's the best program for you
if you don't plan to move or refinance your mortgage for at least
10 years. Otherwise, an adjustable rate mortgage (ARM) may prove
to be more advantageous for you.
Adjustable Rate Mortgages offer flexibility.
Adjustable mortgages start out at a rate less than that
of a fixed rate loan, which will save you money during the
first couple of years of your loan. Since your interest rate
is tied in with the market index your interest rate and payment
will vary as the index goes up or down according to your scheduled
adjustment period. For your protection there are rate caps
to limit the amount your mortgage can go up or down over the
life of your loan.
Since the interest rates on ARMs are typically lower than
fixed-rate loans during the beginning years of the loan, ARMs
can greatly benefit you if you plan on being in your home
for less than 10 years. They are also advantageous if you
think you may refinance within 10 years, or expect that your
income will be increasing over the next few years. Interest
Only Mortgages offer lower initial payments. Interest only
mortgages do not include any repayment of the principal portion
of the loan for a specified time period. A five or ten year
interest-only period is typical.
This means that during that time, your monthly payment will consist
only of interest to keep your payments as low as possible.
After this time, the principal balance is amortized over the remaining
term. The practical result is that the early payments (in the interest-only
period) are substantially lower than the later payments. This gives
a borrower more flexibility because he is not forced to make payments
towards principal. It also enables a borrower who expects to increase
his salary substantially over the course of the loan to borrow more
than he would have otherwise been able to afford.
Special Mortgage Programs offer customization. Liberty Funding offers
a variety of financing solutions for borrowers with unique situations
such as a poor credit score, varying level of income or assets,
seasonal employment status, or anything else. If you would like
to hear more about these programs, please don't hesitate to call
us at 1-800-598-9971 or 1-800-232-1475. |
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