With over 30 years of experience in the financial, lending and mortgage industry our founder and our team pride themselves in working hand in hand with our customers to find them the best loan programs available. We use technology to simplify financing and work with you to ensure a streamlined process.
Whether its a purchase, refinance or a cash-out, we're with you through every step to answer questions and concerns. Our mission is simple; Provide great service and develop long lasting relationships, while helping our customers achieve their dreams. From all of us at Sparta Financial we thank you for allowing us be a part of your dream and giving us an opportunity to serve you.
Whether its a purchase, refinance or a cash-out, we're with you through every step to answer questions and concerns. Our mission is simple; Provide great service and develop long lasting relationships, while helping our customers achieve their dreams. From all of us at Sparta Financial we thank you for allowing us be a part of your dream and giving us an opportunity to serve you.
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Example: Let's say you've got a $300,000 home and you still owe $100,000 on your mortgage. That means you've got $200,000 in home equity, and could borrow against a portion of that through a home equity loan. Because a home equity loan is secured by the value of your home, you could lose the property to foreclosure, the same as if you fail to make the payments on your regular mortgage.
As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination "hybrid" category. Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year.
The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development ( HUD ), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default.
There is another distinction that needs to be made, and it's based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category. Here's the difference between these two mortgage types. A Conforming Loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned.
If you're 62 or older - and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses - you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. When you have a regular mortgage, you pay the lender every month to buy your home over time.
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