Loan Products

Loan Products Image

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.

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.

Reverse Mortgage

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.

You can use a Reverse to Refi your existing mortgage or to Purchase a new primary residence. 

The borrower continues to retain title to their home, the lender is a lienholder, but does not take ownership of the home.

No monthly principal and interest payments are required.

The Reverse Mortgage does not become due and payable, as long as you meet the loan obligations; live in the home as your primary residence, continue to pay the Property taxes, Homeowners Insurance, HOA dues and maintain the home. 

Your home passes to your estate, the executor makes arrangements to repay your loan balance. All remaining equity belongs to the borrower or the estate.

About

LoanStar Home Lending is a mortgage lender focused on providing government, conventional, jumbo and alternative qualification home loans to customers in the states we are licensed. The LoanStar Home Lending mission is to deliver expertise and efficient access to home loans with passion, pride and integrity. We continually seek to improve our service commitment to our customers and the communities where we live and work to accomplish our vision is to be the most dynamic and trusted lender. ...

 

Contact Us

Photo

LoanStar Home Lending - NMLS: 1094582
9020 SW Washington Square Rd., STE 350
Portland, Oregon 97223
Phone: (855) 347-7691
Email: contact@goloanstar.com

 

Stay Connected

Logo

This communication is for informational purposes only, is not an offer, solicitation, recommendation or commitment for any transaction or as a confirmation of any transaction (unless expressly stated otherwise). LoanStar Home Loans, LLC, dba LoanStar Home Lending, 9020 SW Washington Square Road, Suites 250 and 350, Portland, OR 97223; NMLS 1094582. LoanStar Home Lending only conducts business in states in which it is licensed.
Licensing | NMLS Consumer Access | Privacy Policy | Disclaimers | Marketing Opt-out
2016 © LoanStar Home Lending. All Rights Reserved.