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 loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor 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.
5% down payment required on purchase
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)
Don't Wait! Find out about your options Today!
Our happy Clients
"I had a very difficult time finding a lender. I contacted Residential Savings Mortgage, and from the very beginning, the staff was congenial and professional. They helped me immensely, and saved me a considerable amount of money. They communicated regularly, and put my mind at ease, every step of the process. I have never dealt with a more wonderful financial company in my life. The entire team worked diligently on my application, and because of that, words cannot express my gratitude. I recommend them highly, and if need be, would not hesitate to call on them again in the future."
"These guys are great! They went above and beyond their jobs to make sure I got approved for my mortgage. They were able to successfully navigate the bank's requirements to make sure I received the best deal for my dream house. I would recommend them (and have) to anyone that needs a mortgage."
"Had a great experience with them and would recommrnd them and use tgem again myself."
"Will Morgan and team go above and beyond. Will works against all odds to make things happen. He has an excellent understanding of customer desire, financial ability and means. He works within the limits of customer desire and financial ability to make dreams come true. If you want the best Broker there is, look no further, Will Morgan's your man!"
"This is the third home that I have purchased and I never had a Real Estate professional that cared more than Will Morgan. Extremely knowledgeable and explained the process thoroughly."
"Will helped me purchase a duplex last year. He was fast, he was efficifent. He's got a lot of experience and provides excellent customer service. He guided me through the process and made sure I understood at every step. I was very happy eith the results. Highly recommended."
"Will Morgan was our Mortgage Broker for three properties last year. Excellent service! Very knowledgeable, his staff is courteus and prompt. All around efficient and a real pleasure conducting business with him."
"wow is all i can say, from start to finish he closed the purchase on my loan in 14 days. He spoke with me on the 10th of the month and we closed on my purchase on the 24th of the month. The greatest service i ever seen in this business. he always answered the phone, was always pleasant to deal with, a true great business man and person."