Loan Options

Choosing the Right Type of Loan
Choosing the right home mortgage loan for your specific situation can mean significant savings on your total mortgage costs. Whether you need conventional, government or jumbo financing, we have an option that’s right for you.

Fixed Rate Loan
Want stable monthly payments? Consider a fixed rate home loan. This plan is a smart long-term option for a conservative buyer. "Fixed" means that your interest rate and monthly principal and interest loan payments remain the same for the duration of the loan. The mortgage loan is generally available in 10, 15, and 30 year terms and is fully amortized during the loan term period.

SIRVA offers both conforming fixed rate loans that meet Fannie Mae and Freddie Mac guidelines, and non-conforming “Jumbo” fixed rate home loans that are above the conforming limit set by the Federal Housing Finance Agency. The national limit is $417,000 but that can be higher for certain areas of the country based on the cost of housing. Your SIRVA mortgage consultant can help you understand all the available options to select the best loan for your needs.

3, 5, 7, 10 Intermediate Adjustables
Intermediate Adjustable Rate Mortgages (ARMs) are also available for conventional conforming loan amounts and jumbo home loans and offer a fixed initial rate that is typically lower than the market rate, allowing for lower monthly payments during the initial 3, 5, 7, or 10 year terms. After that time, the home mortgage loan will adjust annually based on a predetermined index and margin. Rate changes are typically capped for each adjustment period and the life of the loan. Consider this option if you plan on selling your home before the initial fixed period or if you think interest rates will decrease over time.

Government Loans
There are a few different government loan options you may want to consider if you are shopping for a home mortgage. Most active-duty military and veterans (as well as many reservists and National Guard members) are eligible for Veterans Affairs mortgages. VA loans offer 100% financing and require no private mortgage insurance so they provide a great benefit for eligible veterans.

FHA loans are insured by the Federal Housing Administration so they allow lenders more flexibility than conventional loans for a lower down payment and credit qualifications. The downside to FHA loans is that they require mortgage insurance that can add to your monthly payment.

If you are in the market to buy a home you can trust the experts at SIRVA Home Benefits to walk you through the process and advise you on all the options available to you so you choose the best mortgage solution for your unique needs. With a 96% customer satisfaction rating you can be assured you will have a great service and a great rate!8