Lorain Home Loans

Mortgages or Residential Home Loans are loans that are secured by real estate, typically a residential home. Mortgages are also defined as a loan that is used to purchase or refinance a home.

Lorain Ohio Home Mortgages has outlined below, the most popular Residential Home Loan products available to Lorain Ohio home buyers.

Fixed Rate Lorain Home Loans and Mortgages
Under a Fixed Rate Mortgage, your monthly payments remain the same for the period of the loan. The most popular Fixed Rate mortgage terms are 30 and 15 years. A 15 Year Fixed Rate Home Loan will typically have a lower interest rate and higher monthly payments than a 30 Year Fixed.

Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages have variable pricing, meaning your monthly payments will fluctuate over the period of the loan depending on the current interest rates at pre-determined points in time. An ARM typically has reduced interest rates compared to Fixed Rate Mortgages. Most ARMs cap the interest rate to prevent your monthly payments from skyrocketing.

Reverse Mortgages
Reverse Mortgages are a special type of home loan for older Americans that lets you convert a portion of the equity in your home into cash without having to sell the home or lose the title. Learn more about Lorain Reverse Mortgages.

Balloon Mortgages
Balloon Home Loans are short-term fixed rate loans with terms of 3, 5 or 7 years. Balloon Mortgages generally have lower interest rates than a 15 or 30 year mortgage resulting in lower payments however at the end of the loan, the borrower must pay off the lump sum of the home with cash or by refinancing.

If you meet the qualifications above, are interested in learning more about Residential Home Loans and Mortgages and looking for a Mortgage Loan Officer / Mortgage Broker, contact Tom Reichert for a free home loan quote.