15, 20, 30 Year Fixed Loan
30 Year FixedA 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type of loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lesser rate.
15 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed," the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
3% down payment required on purchase and refinance up to 97% of your home's value
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
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"Darren Scott and his time were very organized and walked us through the entire process. His team is always available to answer questions and all fees quoted upfront were accurate and matched the final closing numbers. I would recommend Darren and his team to anyone looking for a home loan."
"Darren was very helpful thru the process and made it simple as we purchased our home. he worked very well with our agent and we closed without any issues and on time. I recommend him if you are looking for honest and straight forward agent that looks out for you."
"Tahir and Shakira were extremely helpful the entire time. As a first time home buyer, I was not very knowledgeable about the process so I felt very fortunate to have these two to call on. They were very responsive and willing to help me understand every detail as we went along. My family and I are very happy in our new home! I HIGHLY RECOMMEND RESIDENTIAL SAVINGS!"
Tahir Khan and Lisa are a great team you can trust.They keep their word and make sure everything will go smoothly.Had a excellent experience with them when I moved in to FL from out of state.Much recommended.
I worked with Residential Savings Mortgage for the purchase of our home and again for my refinance . I can honestly say that Michael Carmell and the staff there made my process fast, easy and pleasant . They are very helpful and informative through it all. After my first experience with them, I didn't think twice. I called Michael as soon as I was thinking about refinancing my home because I knew I could trust them and that I would be in good hands. I highly recommend Residential Savings Mortgage. They truly deliver what they promise and guide you step by step until the very end .
My experience with Michael Carmell at Residential Savings Mortgage was excellent. From the beginning to end he was always very professional. I did not feel pressured at all, he was very polite and patient. Thank you Michael for the painless process, I really appreciate the fast turnaround. Thank you for answering all my questions. I would highly recommend Michael to friends and family. Michael you have been AWSOME!!! Keep up the great job. Thank you and God Bless