Your home isn't just a place to live; it's an investment for you and your family’s future.
Here at Fairway Independent Mortgage Corporation, we offer a wide variety of loan options to meet the unique needs of our customers. We understand selecting the right loan product can be overwhelming; however, our mortgage professionals will provide tailored advice to help you make the best decision for you and your family.
Please contact your Fairway mortgage professional to learn more.
|Loan Options||Interest Rates
||Highlights||Best If You...|
Interest Rate and monthly payments remain the same for the entire term of the loan.
Protection against rising interest rates.
|Plan on staying in your home for an extended period of time.|
|Adjustable-Rate Mortgage (ARM)||Adjustable||
Homeowner could potentially lower their monthly payments with the lowered interest rates.
Initial interest rate is fixed typically for 3-10 years.
|Plan on selling or refinancing within a few years.|
|Conventional Mortgage||Fixed or Adjustable||
Lower interest rates.
Fewer penalties and fees.
Second home purchase options.
|Have good credit and a larger down payment to possibly receive lower rates with more flexible terms.
|Jumbo Mortgage||Fixed or Adjustable||
Purchase a more expensive property.
Variety of terms available.
|Purchase a property above the conforming loan limits ($453,100 in most areas).|
|FHA||Fixed or Adjustable||
Low down payment options.
Flexible income and credit requirements.
|Are a first-time homebuyer or have a limited amount of funds for a down payment.|
No down payment.
Low credit score requirements.
Flexible credit underwriting requirements.
|Purchase a home in USDA designated rural areas.|
|VA||Fixed or Adjustable||
Low to no down payment.
Low income and credit requirements.
No mortgage insurance.
|Are active-duty military, a veteran or military spouse.|
|Refinance||Fixed or Adjustable||
May be able to refinance to a lower interest rate.
Turn your home equity into cash.*
|Already own a home and want to restructure your mortgage fit your current financial situation.|
|Renovation Mortgage||Fixed or Adjustable||
Rolls the cost of upgrades and a home purchase or refinance into one loan
|Own or want to purchase a home that needs repairs or renovations.|
|Reverse Mortgage**||Fixed or Adjustable||
Withdraw a portion of your home’s equity
Paying monthly mortgage payment is optional (must continue paying taxes, insurance & maintenance payments)
Purchase a home that better suits your needs
|Are 62 or better and want to turn your home equity into tax-free** cash without having to make monthly mortgage payments. (must continue to pay taxes and insurance and maintain the home)|
*Appraised property value may affect loan amount.
**The cash from equity is usually tax free. This information does not constitute tax advice or financial planning advice. Please consult a tax advisor for tax advice and a financial planner regarding enhancements to retirement plans. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Must be at least 62 years old. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult a local program office or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation. At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to you and you may need to sell or transfer the property to repay the proceeds of the reverse mortgage with interest from your assets. We will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which we will add to the balance of the reverse mortgage loan. The balance of the reverse mortgage loan grows over time and interest will be charged on the outstanding loan balance. You retain title to the property that is the subject of the reverse mortgage until you sell or transfer the property and you are therefore responsible for paying property taxes, insurance, and maintenance. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately. Interest on reverse mortgage is not deductible to your income tax return until you repay all or part of the reverse mortgage loan.
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