When you're in the market for a new home or a new home loan, there are many things to know about how each loan type works and which type you need. Here are three popular home loans that can save you money and help you have a better standard of living. Buying a new home can be easier when you have a fixed mortgage loan.
With this type of loan, your interest rate does not fluctuate, so your mortgage payment, independent of taxes and homeowners' insurance, stays the same month after month and year after year. It's a great way to keep the mortgage payment regular and to hedge against inflation.
With this type of loan, your interest rate does not fluctuate, so your mortgage payment, independent of taxes and homeowners' insurance, stays the same month after month and year after year. It's a great way to keep the mortgage payment regular and to hedge against inflation.
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Purchasing a new home, refinancing an existing loan or getting a reverse mortgage can be a confusing and sometimes a frustrating process. We believe simplicity is the key. It also helps to have a trusted mortgage professional on your side to help you navigate your way through the mortgage process. Key City Lending will help in achieving all your mortgage goals.
If you're looking for a fixed mortgage for a refinance or new home purchase, you can get a no obligation consultation to find out which loan is best for your financial needs. Each of these options presents its own benefits to specific buyers, depending on their lifestyle and financial situation. Many buyers seek out of a fixed mortgage because the interest rate will stay the same over the entire life of the loan.
A 15-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 15-year mortgage of $250,000 with an interest rate of 4.25%, the monthly payments would be about $1,881. So, the interest rate of 4.25% stays the same for the life of the loan.
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts annually thereafter for the remaining time period. After the set time period your interest rate will change and so will your monthly payment. The initial interest rates for adjustable rate mortgages are normally lower than a fixed rate mortgage, which in turn means your monthly payment is lower.
Another name for a jumbo mortgage is a non-conforming mortgage. This is a loan a lender makes you that doesn't "conform" to the guidelines of Fannie Mae and Freddie Mac. Created by Congress in 1938 and 1970 respectively, Fannie Mae and Freddie Mac provide stability and affordability to the mortgage market by buying "conforming" mortgages from lenders, which gives lenders liquidity to make more mortgages.
Reviews (10)
Joseph Bernard
Nov 14, 2021
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Enea Lako, Senior Vice President, will send sentence fragments, avoid answering questions, deflect responsibility and his attention to detail includes no periods in sentences. He avoided my realtor and never once indicated he was sorry for his companies incompetence. His company took a week to verify a buyer’s employment without letting the buyer know they were having issues, which then postponed the closing date and put the buyer in breach of contract. They let the buyer know, on the date of the closing, they couldn’t verify his employment. Buyer got a verification within hours on closing
Kathi
May 22, 2021
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Edith W.
Feb 14, 2021
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Richard Heinen
Dec 09, 2020
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Jenny Martoccia
Oct 31, 2020
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Key City Lending is an amazing company to work with. They made my referencing so smooth and effortless. It’s was an absolute pleasure working with them. Micheal is very knowledgeable and Experienced. He made this such a fast a flawless process. I would highly recommend Key City Lending and Michael for all your montage needs. An excellent company and people to do business with.
Lukas Bry
Sep 15, 2020
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Positive: Professionalism, Quality
I was buying a home and my loan officer was Michael Malyszko. This was my second time and I was hoping it would be easier than my first home. Michael, went over everything thoroughly, kept me and my realtor updated all the time and we even were done with everything 2 weeks before my closing date. Would recommend him to anyone
I was buying a home and my loan officer was Michael Malyszko. This was my second time and I was hoping it would be easier than my first home. Michael, went over everything thoroughly, kept me and my realtor updated all the time and we even were done with everything 2 weeks before my closing date. Would recommend him to anyone
Kim Sinclair
Aug 04, 2020
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This was my second time using Michael Malyszko at Key City Lending. This refinance was more complicated than the first. He took it step by step and with great team work we got great results. Together with his professionalism, integrity and knowledge, we closed the loan for my dad successfully. I would highly recommend Michael to anyone who needs a lender. I definitely will use Key City Lending again.
Denise Arroyo-Feliciano
Jul 16, 2020
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Marilyn A.
Nov 21, 2017
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Kim S.
Aug 17, 2017
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I can't thank Michael Malyszko and Key City Lending enough for a quick and professional process for getting my parents a refinance of their existing reverse mortgage. Michael was with us every step of the way and his knowledge and professionalism are outstanding. There was no initial costs and no appraisal fee, no out of pocket fees at all and we could not be happier with the quick and simple process. I would highly recommend Michael and Key City Lending for any mortgage needs you may have. Superb!
