Fixed-Rate Mortgage
The fixed-rate mortgage provides a fixed interest rate and a constant principal and interest payment for the life of the loan.  This loan program appeals to borrowers who plan to stay in the home for several years and prefer stable monthly payments. PrimeLending offers 10y-year, 15-year, 20-year and 30-year terms available with fixed-rate mortgage.

ARM (Adjustable-Rate Mortgage)
The adjustable-rate mortgage has lower starting interest rates, which means that the monthly payments will also start at a lower amount. At specific intervals, the interest rate will adjust based on what the market is doing, meaning the monthly payment can increase or decrease. Since the rate is adjustable, the principal and interest rate payments will also vary depending on the interest rate applied to the balance owed on the mortgage. The starting interest rate can stay fixed for between three months to ten years depending on the term period of your loan program. Interest rates can never exceed the lifetime cap placed on the loan. The adjustable-rate mortgage appeals to borrowers who are buying when rates are high, or who need smaller initial payments to qualify for the loan and/or plan to stay in the home a short period of time.

Jumbo Loans
Jumbo loans are exactly as they sound: large loans for properties. These loans exceed the limits put on conventional loans (currently over $729,000 in some areas). Since loans of this size carry greater loss potential for lenders, the requirements for approval of jumbo loans are often stricter and the interest rates are higher.

FHA (Federal Housing Authority) Mortgage
The Federal Housing Administration insures FHA mortgages. This loan program makes it possible for borrowers, who may not qualify for other conventional loan programs, to become homeowners. Under the FHA guidelines borrowers can put down as little as 3.5% towards the purchase price of the home. The down payment can be secured by the borrower as a gift from either family or government agency. FHA mortgages appeal to those with little cash available for a down payment, less than perfect credit, borrowers with low to moderate incomes, first-time home buyers and those who have been unable to build equity in their current residence.  To learn more about FHA home loans visit our FHA Home Loans page  or Contact Me today!

VA (Veteran’s Administration) Mortgage
VA mortgages are insured by the Department of Veterans Affairs. VA home loans are only available for veterans, reservists, active-duty service members, and eligible family members. VA mortgages can be 100% of the value of the home. VA home loans are appealing to borrowers who need to finance up to 100% of the home’s value. VA home loans also do not require monthly mortgage insurance which will save the buyer thousands.  Under this loan program, the borrower can use gift money or secondary financing.  PrimeLending offers VA Home Loan services in all areas including Bremerton, Everett, Tacoma, Lakewood, Lacey, and many other areas throughout the great State Of Washington.  To learn more about VA home loans visit http://www.homeloans.va.gov/eligibility.htm or Contact Me today!


USDA (United States Department Of Agriculture) Mortgage
USDA mortgages are insured by the Department of Agriculture and are an option for potential buyers to purchase a home with 100% financing.  Some say the USDA home loan is the last available "0" down loan.  Qualified buyers are able to purchase a home with only funds for the Earnest Money and have minimal monthly mortgage insurance which allows the buyer to save a substantial amount of money every month.  However, USDA requires that the potential buyer meet their specific income guidelines in addition to the standard lending guidelines.  In addition, the property in which the buyer hopes to purchase must fall inside of the USDA qualified areas.  Tumwater, Lacey, Graham, Puyallup, and North Bend are among popular areas that are eligible for USDA Home Mortgages.  Visit our USDA page to learn more about USDA home loans.  You may also Contact Me directly and I will be happy to answer all your questions.  

Thank you for visiting the Northwest Home Loans.Net page for loan types and definitions!  Learn more about all types of home mortgages available to buyers throughout the State of Washington!