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Ready to buy a home and have at least a 620 credit score? You may qualify for a conventional loan with as low as a 3% down payment.
If you live in a high-cost area or need a mortgage that exceeds conforming loan limits, a jumbo loan might be the right product for you.
Certain buyers may benefit from a USDA loan depending upon their income or home's location. Another bonus: No down payment is needed.
ARMs often start out with lower interest rates than fixed-rate loans. You may want to consider an ARM if you believe your income may grow as the interest rate and payment increases.
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
For those who want to pay off their current mortgage faster, taking advantage of 15-year refinance rates can speed up the process and save you money on interest. Despite the higher payment that comes with a 15-year refinance, there still can be many benefits that make it a great option for homeowners.
What is a 15-year refinance?
A 15-year refinance is the act of replacing an existing mortgage loan with a new loan with a term of 15 years. This is most commonly done to lower interest rates and shorten the length of the loan – and possibly lower the monthly payment.
Pros and Cons of 15-Year Refinance Rates and Terms
Pros
Cons
Reasons to Choose a 15-Year Refinance
A benefit of 15-year refinance rates and terms is that you can pay the loan off significantly faster than you can with a longer-term loan. Additionally, once you have 20 percent equity in your home, you can avoid private mortgage insurance. This equity can be achieved quickly when making larger payments with a 15-year refinance.
2023 Wyndham Capital Mortgage is an Equal Housing Lender. NMLS ID# 2948 (For licensing information, go to https://www.nmlsconsumeraccess.org/) | 888-923-9911 | 4064 Colony Road, Morrocroft II, Floor 2, Charlotte, NC 28211 | Wyndham Capital Mortgage licensed by
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All Rights Reserved. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, term, conditions are subject to change without notice. Wyndham Capital Mortgage is not affiliated with any government agency.