Mortgage loan products come in many flavors.
While some lenders push specific mortgage loan products because it’s best for them, GoPrime Mortgage, Inc. takes the time to find the mortgage that’s best for you. Review the short descriptions below of the many mortgage loan products offered by GoPrime Mortgage, Inc in West Asheville. If you have questions or are ready to start your application, get in touch with Zachery Adam and his Team.
Below you will find information on GoPrime Mortgage, Inc. Mortgage Loan Products :
- 100 Percent Finance Options
- Affordable Homebuyer Programs
- Down Payment Assistance Programs
- Modular Home Financing
- Debt Consolidation
- VA Home Loans
- USDA Loans
- Second Home Purchases
- Manufactured (Double-Wide) Financing
- Renovation Loans
- Fixed-Rate Mortgage Loans
- Conventional Loans
- Jumbo Loans
- Investment Property Purchases
- FHA Loans
- Adjustable-Rate Mortgages
- Mortgage Credit Certificates (MCC)
I want to lower my mortgage payments. - Refinances
Once you’ve built up some equity in your house, you can refinance your mortgage to access some of that equity. Keep in mind you’ll accrue the same type of fees and costs as with any other mortgage, but there are many good reasons to refinance:
• Take advantage of a lower interest rate.
• Reduce your monthly mortgage payments.
• Use the equity to pay off other debts (see debt consolidation loans).
• Pay off your house more quickly by refinancing with a 15-year mortgage.
• Use the equity to pay for house repairs and upgrades.
• Pay for your children’s college tuition. Or your daughter’s wedding.
• Purchase an investment property or a second home.
I don't want to pay a down payment. - 100 Percent Finance
100 Percent Finance Options
With these mortgage loan products, you don’t need any down payment. If you qualify, take advantage of these programs to buy your first house. Two examples of mortgages that require no down payment are VA loans and USDA loans. Talk to your independent mortgage lender about the benefits of these mortgage loans.
I am a first-time homebuyer. - Affordable Programs
First Time Affordable Homebuyer Programs.
GoPrime Mortgage, Inc. can get you the best deal on a loan if you’re a first-time homebuyer. Many mortgage loan products programs are designed to help first-time homebuyers. Your loan officer will find the one that best fits your situation. Here are some examples:
• Mortgages like FHA loans and USDA loans require little or no down payment.
• Government-guaranteed programs like VA loans and FHA loans can help you overcome past credit problems.
• You can take advantage of mortgage credit certificates (MCC) to get tax credits.
I need help with my down payment. - Assistance
Down Payment Assistance Programs
The U.S. government has put many programs in place to help first-time homebuyers. Down payment assistance programs can help you overcome the most significant hurdle facing most would-be homeowners: the money needed to start the process. VA loans, FHA loans, and USDA loans are examples. But other programs can help:
• Grants are available to cover closing costs and down payments. The specific grants are county-specific; please ask Zachery Adam for details.
• In Western North Carolina, you can get assistance from Mountain Home Opportunities (MHO).
• If you qualify, you can seek help from N.C. Housing Finance Agency, a state agency.
I want to buy a modular home. - Modular Home Financing
A modular (or prefab) home is not a manufactured (or mobile) home. Modular homes are not built on-site, which is the definition of a “stick-built” or traditional home, but they also are not built with axles and wheels. A modular home is assembled at a site on a permanent foundation. Modular homes cost a lot less than stick-built homes, but mortgage loan products are still available. Benefits include:
• You can get a loan to build a new modular home. Once the home is built, the loan becomes a regular mortgage.
• FHA and VA loans are available to help you purchase a modular home in some instances.
I want to pay off my credit cards.- Debt Consolidation
If you have credit card debt at a high interest rate and you have equity in the property; rolling your credit card debt into your mortgage has some advantages:
• Since your mortgage carries a much lower interest rate (sometimes 10–15% lower), you’ll save money.
• You’ll lower your monthly payments if you consolidate your credit card debt into a new 30-year mortgage.
• These loans are valuable for people who have had one-time expenses.
• You can claim tax deductions on mortgage interest but not on credit card interest (consult your CPA or tax accountant).
I am actively serving in the Military or a Veteran. - VA
The US Department of Veteran Affairs (VA) helps veterans, active duty service members, and eligible surviving spouses get mortgage loans through a lender. You need a veteran’s certificate of eligibility and a VA-assigned appraisal to qualify. Benefits include:
• VA loans offer a 100% finance option, eliminating the need for a down payment.
• Lenders are encouraged to relax credit requirements.
• VA loans do not require monthly mortgage insurance since the government guarantees the loan.
• Often, you can get lower interest rates with a VA loan.
I want to live in a rural area. - USDA Loans
Sometimes referred to as “rural housing loans” because the US Department of Agriculture loans are guaranteed, USDA mortgage loans are perfect for first-time homebuyers. USDA loans have to be used for your primary residence, not a second home. You have to meet the eligibility requirements. Here are the main benefits:
• USDA loans do not require any down payment.
• You can finance up to 100 percent of a home’s value.
• USDA loans are restrictive in certain areas (get details)
• You may qualify for lower mortgage insurance premiums (PMIs).
I am buying a second home. - Second Home Purchases
Buying a second or vacation home requires that you qualify for a mortgage loan in addition to your primary residence. Consider the implications of owning a second home — such as taxes, insurance, and maintenance. But if you can meet the requirements and have a 10 to 20 percent down payment, you can find favorable terms and benefits:
• An independent mortgage lender has tools and products explicitly geared for second-home buyers.
• You can find favorable loans, such as jumbo loans
I am buying a manufactured home. - Double-Wide
Manufactured (Double-Wide) Home Financing
You may find it challenging to get financing for a manufactured home or “double-wide” home since many banks don’t offer loans for these homes. However, you can get an FHA or VA loan to cover the costs of buying a manufactured home, as long as you meet some conditions:
• The house has to have a permanent foundation.
• The house must be built after June 15, 1976, and 400 square feet or more.
• USDA loans are available, but only for brand new manufactured homes and double-wides.
I am buying a house that needs repairs. - Reno Loans
Known as FHA 203k loans, these mortgages help you pay for home renovation projects. They are not lines of credit that you can use for any purpose. If you take out a renovation loan, you have to prove that you’re using the funds on a renovation project. That’s due to one of its primary benefits:
• Your loan amount is based on the upgraded value of your house after the renovations are complete.
• These mortgage loans are perfect for people who want to buy a house to rehab it.
• With this mortgage, you don’t receive the money all at once; the funds get doled out as needed, paid to the contractor doing the work. The lender holds the money in an escrow account, keeping the contract and borrower safe.
I want my monthly payments to stay the same. - Fixed
Fixed-Rate Mortgage Loans
The most popular mortgage loan products by far, fixed-rate mortgage loans, have a set interest rate that doesn’t change over the course of the loan. Most fixed-rate loans have a set length of 15 or 30 years. Some benefits of a fixed-rate mortgage include:
• Your monthly payments never change.
• It’s a “safe” loan, meaning it’s free of surprises.
• You can lock in 40-year low-interest rates for long-term security.
I have a good credit score. - Conventional Loans
Conventional loans are ideal for well-qualified purchases, second homes, or investment properties. You must have a good credit score, meet a minimum income threshold, and be ready to put down 3–20 percent for the down payment. But these mortgages offer good benefits:
• Conventional loans have fewer restrictions than other loan types.
• They’re excellent options for second homes, vacation homes, or investment properties.
• Conventional loans require no upfront mortgage insurance premium (PMI) or funding fee.
I am buying my luxury dream home. - Jumbo Loans
Suppose you’re ready to buy your dream house or a luxury second home. In that case, you may need to borrow a significant amount of money than your average homebuyer. With a Jumbo loan, you can borrow more to buy or refinance a home. Here are some Jumbo loan benefits:
• Since conforming mortgage loans are limited in the continental US, jumbo loans provide a great alternative if you need more than that.
• It’s easier to apply for a jumbo loan than it used to be because they are more in demand.
• Your independent mortgage lender has several types of jumbo loans to offer you.
• A jumbo loan refinance can save you money on your monthly mortgage payment.
• The best benefit of all? You’re buying a beautiful home.
I am buying an investment property. - Investment Property
Investment Property Purchases
Investment properties can include everything from single-family homes to 1–4-unit buildings and condos. It’s always wise to do your research before you buy to learn about the expenses. Benefits include:
• When investing in real estate, decide if you want a short-term or long-term investment. This decision will drive other decisions.
• You can gain a diversified portfolio of assets that includes real property.
• You can leverage the rents to pay down the mortgage while building equity in an appreciating asset.
I want a low-down payment. FHA Loans
Many mortgage loan products which are well suited for first-time homebuyers, FHA loans have more relaxed requirements than conventional mortgages. In some cases, you can have a recent bankruptcy in your past and still qualify for a loan. Protected by the Federal Housing Administration, these loans may be attractive to first-time homebuyers for these benefits:
• Down payments for an FHA loan may be as low as 3.5% of the purchase price, not 20% or more.
• You can use a monetary gift for your down payment and closing costs.
• You can get either fixed or adjustable interest rates with an FHA loan.
• FHA loans may be streamlined, so you need less paperwork, simplifying the process.
• Grants and down payment assistance programs help you cover closing costs.
I want to build equity in my home fast. - Adjustable-Rate
Also known as an ARM, this mortgage type has an interest rate that can vary with market changes. Typically, the rate starts low for the first five-to-seven years. The interest rate is capped at a certain point. These mortgages are not recommended for first-time homebuyers. Benefits of an adjustable-rate mortgage include:
• You can save much money if you plan to pay off the mortgage within the first 5-to-7 years.
• This type of mortgage allows you to build equity faster than with a fixed-rate loan.
• An adjustable-rate mortgage improves your monthly cash flow.
I want to claim my mortgage interest - MCC
Mortgage Credit Certificates (MCC)
In North Carolina, if you qualify, you can claim up to 30 percent of your mortgage interest (up to $2000 a year or $166.66 a month) on your federal taxes. Administered by the NC. Housing Finance Agency, the MCC program is for first-time homebuyers only. The benefits of this program are obvious:
• You can save up to $2000 every year on your taxes, leaving you with more money for other things.
• You can still use the remaining 70 percent of the interest paid as a tax deduction.
• Your lender issues an MCC, but you have to claim them on your taxes. Don’t forget!
WHAT WE DO
Contact us if you
- Have a question about independent mortgage lenders.
- Want to know more about the mortgage loan products that GoPrime Mortgage, Inc. of West Asheville offers.
- Are you wondering whether you qualify for a USDA mortgage?
- I want to discuss the advantages of an adjustable-rate mortgage.
- Want to know why you were turned down for a mortgage at another lender.
- Have a question about your current mortgage.
- Are you considering moving into a new property or purchasing an investment property?
Zack is a great resource, making him a great place to start your journey to a new home. For any questions or more information about any of our Mortgage Loan Products, contact Zachery Adam and his Team at GoPrime Mortgage, Inc.
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Branch Manager, Loan Officer
"What we do is so far more important than lending and buying houses. We are in the business of facilitating dreams and honoring the start of a new home.”
"I enjoy working with clients new to the homebuying process. Remembering what it was like for my family, I will take my knowledge of the mortgage process and make it easier.”
"“I wake up every morning with incredible appreciation. I love what I do.” ”
Loan Officer Assistant
"My eventual goal is to become a loan officer. I love working within the community and being a part of the GoPrime Mortgage team.”