The Professional Home Loans Company In Plano, Texas
At Prodigy Lending, we have four major loan programs, namely Conventional home loans, FHA home loan, VA home loan and USDA home loan. The suitability of a loan program will depend on your financial history, employment, the location of the property and the purpose of the property. The FHA home loan requirements in Dallas are easy to meet and are suitable for you if you are buying your first home. This is because the requirements for an FHA loan are easy to meet and your credit score need not be as good as for the conventional home loan. A VA home loan is for veterans, active military members and approved spouses. A conventional home loan is suitable for you if you have a good credit score, above 620, and you wish to use the loan to finance investment property. A USDA home loan is for you if you would like to reside in the suburbs or rural areas of Dallas. The VA and USDA home loans offer 100 percent financing and require no down payment. However, the USDA home loan has mortgage insurance while the VA home loan requires the applicant to have a certificate of eligibility for the loan program.
Mortgages rates are of three types.
- 30-year fixed mortgage rate
- 15-year fixed mortgage rate
- 5/1 ARM (Adjustable Rate Mortgage)
A 30-year fixed mortgage has a constant interest rate for the duration of payment. The borrower has agreed to the terms and conditions given by the lender. For the whole 30 years, interest rates on home loans do not change regardless of the economy. The borrower is not limited, they can pay and clear the obligation earlier.
A 15-year loan also has a constant interest rate for the duration of payment. Borrowers agree to the terms and conditions of the lender concerning interest rates.
5/1 ARM has adjustable interest rates. Interest rates are dependent on the environment and economy. At times, the interest rates can be so low that borrowers have an easy time repaying loans. Other times, interest rates can be so high that borrowers pay double or triple the initial amount.
At a glance, 5/1 ARM looks like a good choice, but the other two options are also viable. In cases of a bad economy, the interest rates can be high. The 30-year plan can be a sure bet in that interest rates are not affected by the environment.
Interest rates are affected by several factors such as credit score. The borrower should have a good credit score. A credit score is obtained by analyzing a borrower’s credit history. Credit history is calculated using timely payments, length of credit history and credit accounts. All from the borrower’s information. The borrower must maintain a good score to improve their chances of getting a good interest rate.
We offer you the lowest and most current mortgage rates available in the market for both purchasing and refinancing of the property. Since market conditions frequently change, on a day to day basis, you can try to get a quick quote on our website to give you an idea of the market conditions at that time. In addition to that, we have a lot of informational material on our website on different loan programs, tips for first-time home buyers, refinancing, mortgage rates as well as other information prospective property owners would require
For any clarification required, feel free to contact us via e-mail, a call or drop by our offices during our working hours to speak to our team of professionals.