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Regional Home Mortgage is dedicated to providing you with the most recent industry leading information to help you understand the entire home loan process. We make it as easy as 1-2-3 to get the facts, here and now. At Regional Home Mortgage, we have the answers to your questions. We are a trusted source for all your mortgage needs, which is why the Better Business Bureau has given us a “A+ rating ".
Whether you're looking to purchase a new home or refinance your existing home, Regional Home Mortgage offers a wide array of mortgage programs specifically tailored to meet your individual needs.
What is a conventional mortgage?
A conventional mortgage is one in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac — meaning Fannie Mae or Freddie Mac guarantees or purchases the mortgage. Conventional loans are not insured or guaranteed by the Federal Housing Administration (FHA) or the Veterans Administration (VA). In comparison, other available loans may be insured by FHA or guaranteed by VA or the Rural Housing Service. These are often called government loans.
What are FHA Loans?
All FHA loan programs, offered by the Federal Housing Administration (FHA), which is a part of HUD, insures the loan, so your lender can offer you a better deal.
- Low Down Payments
- Low Closing Cost
- Easy Credit Qualifying
The programs have flexible terms for borrowers and take into account a variety of circumstances. With loan terms up to 30 years, these products also offer both fixed and adjustable interest rates.
Buying a Home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. It is available on 1-4 unit properties.
A Conventional Loan may be used for a home purchase, a down payment of least 5% - 20% of the sales price in required. They are ideal for borrowers with excellent credit and have a substantial down payment.
Buying a fixed-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.
Buying versus Renting
There are many advantages to buying a home versus renting one. In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant. The borrowers mortgage interest and property tax payments are tax deductible. The best part is you have a place to call “home”.
Can I buy a home?
You may be wondering, "Can I buy a home?" Our home loan professionals can help make your dreams of homeownership a reality by helping you qualify for a home loan through a variety of home loan products.
First Steps to First Time Home Ownership
When you begin to consider purchasing a home, it is important that you follow a few simple steps to ensure that the process runs smoothly.
The first thing you should do is get pre- approved. We can help you. This is an important step and we will let you know what type of home you can afford based on your monthly income, credit and expenses. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence.
Refinance Your Home
Lower your payment, a lower mortgage payment or debt consolidation refinance means more money for everything else in your life. Whatever the reason, Regional Home Mortgage has a variety of mortgage refinancing options and low- payment mortgages specifically designed to refinance home loans and meet your needs. There are several ways to refinance; lower your current term, pay off debts, take cash out or simply change the rate and term of your current loan.
Financial Relief for seniors
A Reverse Mortgage can give you the financial freedom and extra cash flow you’re looking for. A reverse mortgage lets you convert the equity in your home into cash. Your lifestyle could be significantly easier by relieving the burden of your monthly mortgage payment, or by supplementing your income. Have retirement your way, there are no monthly mortgage payments and you can use the money any way you wish with the cash you receive. Now it's time for your home to pay you back. Guarantee yourself additional income for a better lifestyle TODAY!
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