Mortgage Types

Fixed Rate Mortgage with Staker Mortgage

When it comes to getting one of the best fixed mortgage interest rates in the Country, it is hard to beat Staker Mortgage. Our volume of business allows us to receive special pricing from a select group of wholesale investors. We, in turn, get to pass those savings along to our clients. Our fixed rate mortgage programs allow you to lock in today’s low rate for the life of a loan. You can feel secure knowing that your mortgage payment will not fluctuate in an unpredictable market and will remain constant during the term of your mortgage. You can select from either a 40 year fixed, 30 year fixed, 20 year fixed, 15 year fixed or 10 year fixed mortgage product. Our investors also offer a great selection of no money down fixed rate loan programs for most types of credit. Simply give us a call at 260-494-1111 for a consultation or apply in just a few minutes using our
online mortgage application.

What Are Adjustable Rate Mortgages and How Do They Work?

Adjustable rate mortgages, often referred to as “arms”, typically have a fixed period of time where the rate is lower than traditional 15 - 40 year fixed rate products. Upon completion of the initial fixed-rate period, the rate begins to adjust up or down based upon the value of an assigned index. Thus, if you are looking for a low initial payment and only plan to be in a home for ten years or less, an adjustable rate mortgage might be a good decision. Ask your Staker Mortgage loan professional if a 5 year adjustable rate mortgage, 3 1 adjustable rate mortgage, or any other ARM product might be right for you.

It is very important to research adjustable rate mortgage information and weigh the pros and cons. Although you save money by locking in on a lower rate initially, you have to weigh the risk of a potential hike in interest rates. It is a matter of individual risk tolerance. Typically, the shorter the fixed period of an arm, the lower the rate. For example, the starting rate for a 5 year adjustable rate mortgage may be slightly higher than a 3 1 adjustable rate mortgage. Staker Mortgage works with lenders that offer loans from 1 month arms to up to 10 year arms. Be sure to ask us about our Flex Option arm programs.

How long do I plan to be in the home?

Will I be able to cover higher payments if the rate increases?

How much will I save with an ARM? How could those savings help me and my family with other needs?

Jumbo Mortgage Loan Programs

When you are looking for a great deal on your next jumbo mortgage or super jumbo loan, look no further than Staker Mortgage. Our wholesale investors grant us access to some of the best jumbo mortgage rates on the National market. The term jumbo mortgage loan refers to any loan that is higher that the maximum dollar amount established in Fannie Mae and Freddie Mac's guidelines. At this time, any loan for a single family property greater than $417,000 is considered a jumbo loan. The limits increase to $533,850 for two-unit properties, $645,300 for triplexes and $801,950 for 4-unit homes..

FHA Loans

Thanks to the Federal Housing Administration and FHA Loans, many middle class citizens, military veterans, lower income individuals, and the elderly have been able to enjoy the benefits of homeownership. FHA loans provide an opportunity for those people who have not been able to save money for a large down payment to still purchase a home without having to absorb higher interest rates. These loans are also ideal for people who have had credit issues in the past but are on the right track toward improving their credit history. Staker Mortgage is pleased to have partnered with some of the most competitively priced FHA lenders in the Country to provide great rates and service to our clients. If you are in the market for an FHA purchase loan or an FHA streamlined refinance or FHA cash-out refinance, Staker Mortgage can help your with your FHA loan.

Low Cost No Money Down Home Loan Solutions

Staker Mortgage is pleased to offer fast, flexible no money down mortgage financing. The flexibility that these programs provide does not have to mean high rates and fees. Our lenders offer highly competitive zero down home loans to qualified borrowers even if their credit is less than perfect. The three primary no money down mortgage solutions that we facilitate are USDA rural housing loans , FHA loans , and VA loans . USDA loans can go up to 102%, VA loans to 100%, while FHA loans may require a 3% down payment.

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3 Important Factors

When buying a home for the first time, a mortgage can seem like a daunting thing that you don't understand. Here is some basic mortgage terminology that you need to know in order to make an informed decision.

Term - A mortgage term is the length of time you have to pay off your loan. It could be anywhere from 10 years to 30 years. Like any loan, the longer you have to pay off your mortgage, the lower the payments will be. An important mortgage tip - in some cases, the shorter the term, the lower the interest rate.
Rate - The "rate" is the interest rate, which basically defines how much you will be paying the bank to borrow money from them. The interest rate offered to you is dependent on your credit rating, how much money you are able to put down, how much money you make and the value of the home you're buying. Rates can also change depending on the loan program.
Cost - Costs typically refer to closing costs, which are a part of every mortgage. You may see offers for "No Closing Costs" but these programs are rare. If you get a no closing cost loan, it usually means the mortgage company is making a large enough commission on your loan to cover the closing costs for you. Closing costs usually include an appraisal, recording fees on documents at the registry or deeds, attorney or notary fees and the like.

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