Loan Products

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Types of loans

Several types of mortgage loan products are available and listed below. Once you review the types, ask us for more details, so we can determine which type of program would be the best option for you.

Fixed Rate Mortgage

A mortgage in which the interest rate is fixed for the term of the loan. Terms include 30, 20, 15 or 10 years.

Adjustable Rate Mortgage (ARM)

A mortgage in which the interest rate is adjusted periodically based on a preselected index and margin.

Hybrid Adjustable Rate Mortgage

A mortgage in which the interest rate is fixed for a predetermined period of time, like three, five, seven or 10 years. After the predetermined period of time, the loan converts to an adjustable rate mortgage (ARM) for the remaining term of the loan.

Conventional Loan

Conventional loans are not insured by any government program, and they are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet those guidelines, but are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA and USDA.

FHA Loan

A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately-priced homes almost anywhere in the country. FHA loans offer a low down payment and more flexibility than many other types of financing.

USDA Rural Home Loan

Loans guaranteed by the USDA remain one of the few nationally offered loan programs available with no down payment. The program’s requirements mandate that both the property and borrower must qualify. These requirements are dependent on the physical location of the property and the maximum household income.

VA Loan

Mortgage loans available to eligible US veterans. VA guaranteed loans are made by private lenders, such as banks or mortgage companies, for the purchase of a home for a buyer’s own personal occupancy. These loans offer competitive rates and require little or no down payment.

About

Solutions Financial Mortgage Co. is a local Chicagoland mortgage banking company whose primary purpose is to serve our customers with home financing solutions with extraordinary customer experience. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. Please call us today with your question or scenario and we will be happy to serve! ...

 

Contact Us

- NMLS: 267469
2700 Patriot Blvd
Suite 110
Glenview, Illinois 60026
Phone: (847) 834-0100
Email: contact@gosfmc.com

 

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Solutions Financial Mortgage Company - NMLS ID 267469 - An Equal Housing Lender and an Illinois Residential Mortgage Licensee # MB.6759313, Florida Mortgage Broker License # MBR635;

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