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)
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"OUTSTANDING JOB in processing my VA refin loan. They were friendly and very knowledgeable. I was very pleased with the speed in which my loan was processed. Approximately 12 days to get to signing documents is GREAT!. My loan funded on the date I was told and I had no issues during the entire process. I recommend them highly and will never go to another lender for future requirements. The company and employees are very good and do excellent work."
"I've been wanting to write a review about Vision Quest Lending, however family and work have kept me occupied. My husband and I closed our loan in April. We had the pleasure to work with Rick Villa. He was extremlely knowlegable and made the process painless. Our situation was unique as we took over our in laws home and all lenders we spoke to previously told us we would need to be on title for 12 months. Right away Rick said that was not the case. We trusted him and are glad we did. He closed our loan within 30 days and provided us with an excellent rate along with no closing cost. I have already recommended a co-worker and family member to Rick and Vision Quest Lending."
"I recently did a loan with Tony Nguyen at Vision Quest Lending and had an exceptional experience. Tony walked me through every step of the loan process and made it very easy for me to understand. He was also able to get me the interested rate that he originally promised and gave me several options to buy down my rate. As we finalized the loan, Tony worked closely with my purchasing agent and was able to reduce the price on my home by 10%! I am still amazed he how willing he was to go the extra mile to accommodate this. I since have referred him to over 10 people, including family members, who have all had great experience’s with him and the associates of Vision Quest lending"