Home Loan Options
Choosing the right home loan can be difficult – each option has its own advantages and disadvantages, as well as interest rates and qualifications.
But don’t worry – Homespire Mortgage is here to help. Contact us for a free consultation. One of our personal loan consultants will guide you through the entire process, from home loan selection to closing.
The 30-year fixed home mortgage is the definitive housing loan that most people think of when buying a house. This traditional home loan is the most common choice these days, offering a stable monthly mortgage payment for the length of the loan. For residents here in the Chambersburg, PA area and surrounding boroughs, this popular mortgage can be a great home financing option.
The 30-year fixed mortgage loan carries a dependable, fixed interest rate so that the monthly payments are always predictable and steady for borrowers. Although the mortgage payment remains the same over the entire loan, the breakdown changes over time. At the beginning of the mortgage, most of your monthly payment goes toward interest on the loan.
The 15-year fixed mortgage provides an efficient option when you need a home mortgage loan with a regular, predictable monthly house payment. This mortgage gives you a fixed housing cost that you can count on every month to make budgeting simple. The 15-year fixed-rate mortgage also offers additional advantages for local home buyers in and near Chambersburg, and throughout the neighboring boroughs of Franklin County, PA. If you’re wondering whether the 15-year home loan would fit your lifestyle and help you meet your goals, we’ll provide some important details for you to consider.
The traditional fixed-rate mortgage is not the only way to go when you’re looking to buy a home. Adjustable-rate mortgages (ARMs) may offer a lower initial interest rate and are a popular option in home financing. ARM loans start with a fixed payment period, after which interest rates are adjusted once a year. This means your house payment may go up or down with each adjustment.
This arrangement works well for people who plan to sell their home or refinance before the fixed-rate portion of their ARM expires. When you’re looking for the ideal mortgage here in Chambersburg or nearby areas of Franklin County, the adjustable-rate mortgage can be an excellent option to save money while financing your new home.
FHA loans are mortgages, backed by the Federal Housing Administration, that may offer you savings on your home down payment. This loan program was created to give individuals access to homeownership, even without good credit or a long credit history. If you’re looking to buy a home here in the Chambersburg area or surrounding boroughs, your first step could be applying for an affordable FHA mortgage.
Have you ever dreamed of turning a fixer-upper house into your ideal dream home? Do you favor older homes with character? In that case, as opposed to other home loan types, the FHA 203(k) home rehab loan could be just right for you. Are you finding up-to-date homes in the neighborhood you want slightly out of your price range, so you’re considering a fixer? Again, this particular FHA loan could be ideal.
This special mortgage is intended to finance the purchase and repair or renovation of a home. You’ll find many great homes that need repairs, or perhaps more than a little TLC, here in the Chambersburg area of PA. With the FHA 203(k), sometimes written FHA 203k, you can finance the home purchase and the repairs all in one convenient loan.
Military service takes incredible dedication, and the government backs the VA home loan to recognize this service. The loan was created to help dedicated military personnel gain access to homeownership. The Veteran’s Administration home loan offers very favorable terms for home financing. This mortgage brings significant benefits for qualified individuals, that you won’t find in other mortgage types. If you’re looking to finance a home purchase locally in the Chambersburg area, including Shippensburg, Fayetteville, and Greencastle, PA, and you have a military background, this loan may be perfect for you.
When you’re looking for a new home in the countryside, the USDA home loan might be ideal for you. If you’re someone who prefers to live in a smaller town, or in a rural or suburban area, rather than a big city, the US Department of Agriculture wants to help. The USDA-backed mortgage makes homes in a less-populated setting more affordable than ever. You’ll find many attractive properties in the Chambersburg area, including the nearby boroughs of south-central PA, that fit the USDA’s definition of rural.