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Finding the perfect home can sometimes take months. Thankfully, it will only take you minutes to get your loan approval at Advantage Plus. We make the process fast, smooth, and easy.
Local decision-making is paired with unsurpassed personal service. Whether you're purchasing a first home or refinancing an existing mortgage, we tailor a loan specific to your wants and needs.
Fixed Rate Loan: Perhaps the most common type of mortgage, a fixed rate loan simply means the interest rate is fixed for the whole term. This provides stability in your monthly payments and ensures your rate won't increase. It is usually best if you plan to stay in your home relatively long-term. We offer fixed rate mortgages with terms of 10, 15, 20, and 30 years. The longer the term, the less your monthly payments but the more interest you'll pay in total.
Adjustable Rate Mortgage (ARM): An ARM starts off with a lower interest rate and lower payments for a finite initial period. This can provide increased purchasing power up front. After the initial period, the rates adjust annually to the current market rate. This means the rate could potentially rise significantly. Advantage Plus offers ARMs with the initial period ranging from 1-10 years. This means if you plan on selling the house or paying off the mortgage within 10 years, an ARM could save you money while providing you with more house.
7-Year Balloon: This loan essentially takes a 30-year fixed rate mortgage and shrinks it down to seven years. It can provide a lower interest rate versus a 30-year term. You will have larger monthly payments, but will save a significant amount of money on interest by paying it off in seven years. There is no conversion option at the end of the loan term.
FHA Loan: This loan program of the Federal Housing Administration provides federal assistance so more Americans can become homeowners. FHA loans are typically easier to qualify for. They require less of a down payment and do not require the purchase of separate private mortgage insurance (PMI). There are lending limits to what you can buy with an FHA Loan. Advantage Plus offers FHA Loans with 15- and 30-year terms. Your private mortgage consultant can help you determine if you qualify for an FHA Loan and if it's right for you.
Rural Development Loans: This program of the USDA enables a borrower to purchase a home with no money down. It also allows for the loan to be 102% of the purchase price to help pay closing costs. Like an FHA, there is no requirement to purchase PMI. You must meet certain income guidelines to qualify for this federal program, and the property must be located in an eligible Rural Housing zone.
Jumbo Loans: If the property you're buying exceeds the conventional conforming loan limits set by Fannie Mae and Freddie Mac (two government-sponsored entities that hold the bulk of residential mortgages), you will likely require a Jumbo Mortgage. A jumbo loan will require more in down payment and incurs a higher interest rate. The conventional loan limits are:
First Time Homebuyer: These loans offer lower costs for first time homebuyers, a term which includes anyone who has not had ownership interest in a principal residence within the past three years. You may need to meet income and home purchase price guidelines. These guidelines are based on federal law and vary depending upon the geographic are in which you are buying. Advantage Plus can provide you expert experience on first time homebuyer mortgages in Southeast Idaho.
Lot and Construction Loans: For when you are buying land for a future home or are building a home from the ground up.
Refinancing could be right for you if you are looking to reduce your monthly payments, shorten the length of your loan, convert equity to cash, or convert an ARM to a fixed rate.
There are times to refinance, and times not to refinance. If the current value of your home has increased or if rates have dropped significantly since your mortgage, refinancing may be a good idea. If your home value has remained stable or you are in an area where the value of your home has declined, it probably isn't a good idea to decline.
In addition to saving money, refinancing is a way to utilize your equity without selling your house. You can convert that equity into cash for home improvements, debt consolidation, paying for college, financing a vacation home, or just about anything.
Keep in mind there are closing costs associated with refinancing. These costs can be rolled into the mortgage, but that means you are adding to the principal. To determine if you will be better off refinancing for the long-term, determine how much you will save per month by refinancing. Calculate how many months it will take, based on these savings, to equal the closing costs. That is your break even point. If you will be in the home at least that long, you come out on top.