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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgages - ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

FHA Mortgage
This loan is a government-assisted alternative to conventional financing which provides more flexibility in credit, income and down payment requirements.  FHA loan products do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, but FHA loans enable many homeowners who wouldn't qualify for conventional financing to purchase or refinance a home.

VA Mortgage (Veteran)
A VA Loan is one of the only loan programs that allows 100% financing. This loan program also does not require PMI (Private Mortgage Insurance).  In order to qualify for a VA loan program, borrower must be a Veteran, Member of the military, or a surviving spouse of a veteran.

203(K) Loan
This loan is an FHA loan product which permits financing of repair costs for remodelling or complete reconstruction of a home on its original foundation.  203(k) loans are only available for owner occupied properties.



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Aura Home Loans Inc.
3 Myrtle Avenue, Edgewater, NJ  07020
Office:  (609) 400-AURA
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