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Equal Housing Lender | Mid America Mortgage, Inc. | Company NMLS ID 150009

14900  Landmark Blvd. Suite 600, Dallas, TX 75254

NMLS 150009 (www.nmlsconsumeraccess.org) is an equal opportunity lender, Arizona Lic BK 091759; licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act Lic 4131103 and Finance Lenders Law Lic 603J732; regulated by the Colorado Division of Real Estate; Georgia Lic 31847; Illinois Residential Mortgage Licensee MB.6760775; Kansas Licensed Mortgage Company MC.0025093; Massachusetts Lic ML150009; New Hampshire Banking Department; Oregon ML-5045; Washington Lic CL-150009.

 

Fixed Rate Mortgages

Looking for the security of a fixed rate mortgage for your next purchase or refinance? At Mid America Mortgage, Inc., we offer a variety of fixed rate home loan solutions at some of the most competitive interest rates in the marketplace. Whether you are a first time home buyer looking to capitalize on a low down payment program such as an FHA or USDA mortgage or a real estate investor pursuing a long term conventional fixed rate financing strategy, we’re here to help.

With a fixed rate mortgage, a borrower’s note rate will not vary throughout the life of his or her loan. Homeowners also have consistent principal and interest payments through their loan terms (*some exceptions may apply). If you would like to speak with one of our mortgage consultants about our various fixed rate financing solutions, please call us today.

Explore Fixed Rate Financing:

What types of fixed rate loans do you offer?

  • Conventional, conforming 302015, and 10 year fixed rate mortgages.

  • 30 and 15 year fixed rate jumbo mortgage programs for loan amounts exceeding areas’ conforming loan limits. Learn More

  • 30 and 15 year FHA mortgages. Popular low money down financing programs. Learn More

  • 30 year fixed rate USDA rural housing loans. Solution for lower income borrowers looking to purchase or refinance homes in rural communities. Learn More

  • 30 and 15 year VA loans. Option for eligible active duty military personnel and veterans. Learn More

Who Should Consider a Fixed Rate Mortgage?

  • People who plan on being in their homes for more than 7-10 years.

  • Borrowers who like the security of knowing what their monthly principal and interest debt obligations are every month.

  • Home buyers and homeowners with little equity in their homes. If property values were to fall, borrowers with an adjustable rate mortgages may find themselves in positions where they cannot qualify for a refinance.

  • Consumers who do not feel secure in their positions of employment. If borrowers lose their jobs they may not be able to refinance to a fixed rate product when their ARMs begin to adjust.

What Types of Properties Are Eligible?

  • Most types of residential 1-4 unit properties. Certain restriction may apply.

  • We have fixed rate products for primary residences, second homes, and investment properties.

Which Loan Terms Should I Consider?

  • 30 year fixed rate mortgages – Easily the most popular option in today’s marketplace. Payments are spread out over 30-year terms which helps keep payments low. On the downside, the amount of interest paid over the life of the loans will be greater when compared to other shorter term financing solutions.

  • 20 year fixed rate mortgages – Popular options for borrowers who do not want to commit to the higher payments associated with 15-year mortgages but do not want to stretch their loans out to 30 years.

  • 15 year fixed rate mortgages – Second most popular fixed rate alternative. Interest rates are typically considerably lower than 30-year pricing and borrowers can save thousands of dollars in interest when weighed against 30-year loans. Due to the shorter term, monthly payments are also higher.

  • 10 year fixed rate mortgages – Shortest fixed rate loan products we offer. Good option for borrowers who are looking for the security of a fixed rate product and who want to pay off their loans as quickly as possible.

 

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you to afford and hence purchase a more expensive home. Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years. All ARM loans have a “margin” plus an “index.” Margins on loans range from 1.75% to 3.5% depending on the index and the amount financed in relation to the property value. The index is the financial instrument that the ARM loan is tied to such as: 1-Year Treasury Security, LIBOR (London Interbank Offered Rate), Prime, 6-Month Certificate of Deposit (CD) and the 11th District Cost of Funds (COFI).

When the time comes for the ARM to adjust, the margin will be added to the index and typically rounded to the nearest 1/8 of one percent to arrive at the new interest rate. That rate will then be fixed for the next adjustment period. This adjustment can occur every year, but there are factors limiting how much the rates can adjust. These factors are called “caps”. Suppose you had a “3/1 ARM” with an initial cap of 2%, a lifetime cap of 6%, and initial interest rate of 6.25%. The highest rate you could have in the fourth year would be 8.25%, and the highest rate you could have during the life of the loan would be 12.25%.

Some ARM loans have a conversion feature that would allow you to convert the loan from an adjustable rate to a fixed rate. There is a minimal charge to convert; however, the conversion rate is usually slightly higher than the market rate that the lender could provide you at that time by refinancing.

 

FHA Loans

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA).  FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn’t issue loans or set interest rates, it just guarantees against default.

FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.

 

Jumbo Loans

Jumbo loans are for borrowers looking to purchase and refinance residential properties throughout much of the United States. We’re a multi-state mortgage lender whose roots date back to the 1940’s. We’ve helped thousands of home buyers and homeowners find the right jumbo loans at some of the most competitive mortgage rates in the industry.

Our non-conforming jumbo mortgages can be used to finance most types of primary residences, second homes, and 1-4 unit investment properties. Contact us today for details on our various home loan products.

What types of Jumbo Loans do you offer?

  • 30 & 15 Year Fixed Rate Jumbo Loans

    • May be good options for borrowers looking for the security of  fixed rate products.

  • Adjustable Rate Jumbo Loans

    • Offer a low introductory rate for a set number of years.  This may make them appealing to borrowers seeking to keep their payments as low as possible in the short term. After the introductory rate periods end, rates begin to adjust up or down based upon the loans’ caps, margins, and the indexes that the loans are tied to.

How can you determine the conforming loan limits for your area?

  • You can visit Fannie Mae’s website here. Under the Resources’ Heading, click on the Loan Limit Look-up Table. The table allows you to check the limits by County. Loan limits are higher in high cost areas.

  • Be sure to note that loan limits change by the number of units. The general limit for a 1-unit home in most areas is $453,100. Limits change periodically. Please contact us for the most -up-to-date figures.

What types of properties do we finance?

  • Most types of residential 1-4 unit properties.

  • We have jumbo loan products for primary residences, second homes, and investment properties.

 

VA Home Loans

The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.

The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.

Additionally, there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.