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For borrowers that plan to stay in their homes for a long time, ENG Lending offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.
They are ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage. Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.
Fixed-Rate Mortgage Options
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20-, 15-, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate is lower on these mortgages than on 30 -year mortgages.
Rest assured, an ENG Lending loan specialist will walk you through the options and help you select the mortgage that fits your needs.
Many homebuyers opt for Adjustable Rate Mortgages because they offer a low-interest rate and monthly payment. That's because they meet the needs of homeowners well, and here's why: Most borrowers stay in their homes just five to seven years, making 3-, 5-, or 7-Year ARMs excellent loan options for them.
ENG's Short-Term-Fixed mortgages offer an excellent option for many homebuyers - a lower rate than traditional fixed-rate mortgages offer and the stability of longer-term fixed-rate mortgages. To be sure, the longer the rate is fixed, the more stability the borrower receives, and the higher the interest rate.
Interest rates on Short-Term Fixed rate loans are attractive and fixed until they reset in 3, 5, 7, or 10 years. Many borrowers, not surprisingly, prefer them, especially those who plan to move before interest rates on their loans reset.
The 3-year Fixed Rate loan is amortized over 30 years, and its rate is fixed for the first 3 years, and it becomes an Adjustable Mortgage for the remaining 27 years of the 30 year cycle.
The 5-Year Fixed rate loan offers an interest rate that is fixed for 5 years, and it becomes an Adjustable Mortgage for the remaining 25 years.
The 7-Year Fixed rate loan provides an interest rate that remains fixed for seven years, and it becomes an Adjustable Mortgage for the remaining 23 years.
The 10-Year Fixed rate loan offers an interest rate that is fixed for the first 10 years, and it becomes an Adjustable Mortgage for the remaining 20 years.
Imagine an interest-only payment option with a low fixed interest rate.
Looking to control your mortgage payments? Now, with ENG's SecureCombo home loan, you can enjoy the security of a fixed-rate home loan - with the freedom of making interest-only payments! Pay just the interest or pay interest plus principal. With SecureCombo, you finally have a flexible way to pay your home loan. What could be easier? Learn how you can control your monthly mortgage payment, right now. Call (877) 531-8889 to speak with one of our knowledgeable lenders about a SecureCombo home loan or fill out our no-obligation, quick home loan application, today.
An interest-only mortgage lets you decide how you want to spend your money now.
Do you anticipate steady income growth and feel it would make more sense to pay larger monthly amounts down the road? Or maybe you would prefer to put funds into remodeling your new home, increasing its long term value. A SecureCombo home mortgage frees up your cash, letting you decide how to spend your money.
Just look at the benefits SecureCombo offers you:
Flexible payments. Pay only the interest each month (without any penalties), or pay interest plus principal; as much or as little as you like.
Deferred repayment. You have a fixed amount of time (3, 5, 7 or 10 years) before you are required to begin paying back the principal. Then, payments include interest plus a portion of the principal loan amount. You are not locked into anything - refinance your fixed rate mortgage at any time without pre-payment penalties.
SecureCombo home loans give customers the freedom of a low fixed interest rate - with the flexibility of interest-only payments. Learn more about this exciting home loan from ENG Lending, or fill out our no-obligation, quick home loan application, today.
Will my SecureCombo home loan interest rate ever increase?
No, your mortgage interest rate never goes up! You are guaranteed the same interest rate for the life of your SecureCombo home loan.
How long do I have before I am required to pay back the principal amount?
It depends on the home loan terms. In general, you are not required to pay back the principal amount for a fixed amount of time (3, 5, 7 or 10 years). In the meantime, you can pay just the interest on your home loan or pay the interest plus principal. It's up to you!
What will my monthly mortgage payments be like?
You can pay interest-only for a fixed amount of time (up to 10 years) without penalty. Or, you can pay more than the interest for any month(s) you choose. For instance, you can pay $500 more than the interest for February, then go back to paying strictly interest for March. You have total control!
How do I know if a SecureCombo home loan would be best for me?
Do you want the security of lifetime fixed interest, with month-to-month payment flexibility? For instance, if you're self employed, a teacher, have other investment opportunities or just starting with your career, having some payment flexibility could be important. It's also perfect for those who prefer the freedom to make interest-only payments for up to 10 years.
Is there a penalty if I decide to re-finance my home loan?
No. You may re-finance your home loan at any time without pre-payment penalties.
What home loan amount could I potentially qualify for?
This will depend on your financials, but many people qualify for a larger loan amount with an interest only mortgage than with a traditional loan.
There are countless reasons why an FHA loan might be right for you, but here at ENG Lending, we believe that these four features are what really sets FHA loans apart.
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan.
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan
FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a one year ARM that has the lowest adjustment caps of any ARM in the industry
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.
If you're in search of information on FHA loans, ENG Lending can help! Here are our most frequently asked questions about FHA home loans.
What are FHA loans?
FHA stands for Federal Housing Authority. A Federal Housing Authority loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you're buying a home or want or refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, ENG Lending's FHA loans can give you piece of mind with super low closing costs and flexible payment options.
How do I qualify for FHA loans?
To be eligible for Federal Housing Authority loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt. Call ENG to discuss your FHA loan eligibility.
What is the cost of FHA home loans?
Interest rates on all home mortgage loans vary according to the economic climate of the country. FHA home loans offer better than standard rates and lower monthly mortgage insurance premiums. Depending on the program, standard FHA home loan interest rates are usually better than a conforming 30-year fixed loan. Call us today for more information on FHA loans.
Can I use FHA loans for home repairs?
Yes! Simple home improvements can be financed with a Federal Housing Authority loan from ENG Lending. Roof repair, disability accessibility improvements, flooring refurbishment, or the purchase of new appliances are just a few eligible improvements you could make with FHA loans. Ask our experts if your project qualifies for an FHA loan.
Are FHA mortgage loans assumable and can they be refinanced?
Yes & yes! One of the greatest advantages of ENG Lending's FHA mortgage loans is the ability for the loan to be assumed. This allows the buyer a significant advantage in a high-interest rate market, and affords you an excellent sales advantage over your competition. FHA mortgage loans are also eligible for streamlined refinancing, offering you a lower than standard interest rate, which can lower your monthly payment. Streamlined FHA mortgage loans are an excellent selling feature when you're ready to move up or move on.
Here you'll find long-term insurance-free VA home loans that are guaranteed by the United States Veterans Administration.
ENG Lending offers affordable, easy-to-understand VA Home loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home, refinancing your existing mortgage, or thinking of building your one-of-a-kind dream house, ENG Lending is your ultimate Veteran's Affairs loans information center.
We'll compare VA home loan interest rates and negotiate the very best deal. We'll also explain important factors to consider, such as the option to prepay your VA mortgage loans without penalty, and how a lack of mortgage insurance premiums can lower your monthly payments. We can even show you how to get VA home loan funds to improve your home's energy efficiency!
Our highly trained professionals make applying for VA loans online a breeze! At ENG Lending you'll discover super low fixed-rate interest options, up to 100% financing, and you may not even need a down payment! Call ENG Lending now and let us help you find the perfect VA home loan to suit your individual needs.
ENG Lending's Vacation-Second Home Mortgages offer a broad array of fixed, adjustable, and interest-only options. We work together with our clients to identify the ideal mortgage for your vacation home.
Get your ENG vacation home mortgage loan and make your dreams a reality - backyard barbeques and sunsets by the lake. Fun-filled relaxing fishing trips with children and grand children. Exciting family skiing vacations. A lifetime of memories.
It's time to buy your vacation home - and that means a vacation home mortgage loan from ENG Lending.
If you're in need of a mortgage for a vacation home, we eliminate the hassles and the headaches from the process.
Why is it called a vacation home mortgage?
We call it a vacation home mortgage to eliminate the confusion between a second mortgage and a home equity loan.
What's the difference between a second mortgage and a home equity loan?
A second mortgage loan covers the costs of a second home, for example, a vacation home. The result is that the borrower has two mortgages and two homes. A home equity loan, on the other hand, allows the borrower to refinance their existing mortgage to get cash - or equity - out of their home. It's still one mortgage, but it's been refinanced.
Are interest-only vacation home mortgage rates available?
Yes! You can choose to pay a fixed, interest-only rate for a period of 10 years or 15 years with our interest-only vacation home mortgage.
How much money can I be approved for with a Vacation Second Home mortgage?
Depending on your income and expenses, you may qualify for a loan of $417,000 to $1.5 million. ENG Lending is committed to working with you to help make your vacation home mortgage dreams come true.
A Balloon Loan is a mortgage designed to allow borrowers to pay for a fixed period of time a lower interest rate—reducing the monthly payment. At the end of the loan, the borrower is required to pay the principal in a single payment.
For more details, ENG's Balloon Mortgage Specialists can discuss with you the pro's and con's of obtaining one of these loans. Fill out our no obligation application and you will be contacted within 24-hours with more information.
At ENG Lending, our specialty is funding the dream of homeownership - no matter the size of the loan or dream - for that matter.
That's why we created our jumbo mortgage lending program - a full suite of offerings designed with the needs of borrowers that seek larger loan amounts than were available through traditional lending options.
It's as simple as it sounds. We call it a jumbo mortgage because it is larger than other more "typical" home mortgage loans. To determine if a jumbo mortgage is right for you, please call a Loan Specialist at (877) 531-8889 or contact us online about a jumbo mortgage.
Why would I need a jumbo mortgage loan?
If you are seeking a loan amount in excess of $417,000, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits - the borrower is purchasing a jumbo mortgage loan.
Can I get an interest-only rate with a jumbo mortgage?
Yes, of course. You can select a fixed, interest-only loan for a period of 10 years or 15 years through ENG's interest only jumbo mortgage.
How much money can I be approved for with a jumbo mortgage?
Depending on the borrower's financial profile, you can qualify for $417,000 to $1,500,000.
What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
That depends on the type of loan. For instance, a minimum credit score of 620 is required for a full documentation loan. A score of 660 is required for an interest-only loan, while a score of 680 for an interest-only jumbo mortgage.
Our Loan Specialists are trained to work with you to determine if you qualify for a jumbo mortgage.