At Devon Bank, we understand that buying a home is one of life's most significant financial decisions. That's why we're here to guide you through the mortgage loan process and provide you with the necessary information to make an informed choice.
Our dedicated team of mortgage specialists are committed to assisting you in finding the loan that best suits your needs. Let's explore the different loan types we offer:
Conventional / Fixed Rate Mortgage
- A conventional loan refers to a mortgage that is not insured or guaranteed by a government agency. These loans typically have fixed interest rates and require a minimum down payment. A fixed-rate mortgage offers stability and predictability over time. With this type of loan, your interest rate remains fixed for the duration of the loan term, ensuring that your monthly principal and interest payments remain the same. This is an excellent option if you prefer a consistent payment schedule. These mortgages are available in different terms (years) to meet your needs.
Adjustable-Rate Mortgage (ARM)
- An ARM offers an initial fixed interest rate for a specific period, typically 5, 7, or 10 years. After this initial period, the interest rate adjusts periodically based on the prevailing market rates. This loan type is ideal if you plan to sell or refinance before the initial fixed-rate period ends.
- These loans, insured by the Federal Housing Administration (FHA), are designed for borrowers who may have limited financial resources or a lower credit score. FHA loans often have more flexible qualification requirements and lower down payment options, making homeownership more accessible for many.
- Available exclusively to active-duty military members, veterans, and eligible surviving spouses, VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA). These loans offer significant benefits, including no down payment requirements, competitive interest rates, and no need for private mortgage insurance.
- Jumbo loans are designed to finance higher-priced properties that exceed the conforming loan limits set by federal agencies. These loans provide the necessary funds to purchase a luxury home or a property in a high-cost area.
While these are some of the major loan types we offer, our team is always ready to help you explore other loan options and find the best fit for your individual circumstances. We understand that every borrower is unique, and we strive to provide personalized solutions to meet your specific homeownership goals.
Contact our expert mortgage team today to get started on your homeownership journey. We can't wait to assist you in achieving your dream of owning a home!
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