buying or refinancing options to meet your needs
At Inland Home Mortgage, we understand that houses come in all shapes and sizes and so do mortgages. That's why we offer customizable solutions that help match you with the right type of mortgage.
Fixed Rate Loans
Fixed Rate Mortgage Loans usually have loan terms between 15 and 30 Years. 15- and 30-Year options are the most popular. A Fixed Rate Mortgage may be a good choice if you plan to stay in your home for an extended period and want the “peace of mind” of knowing your interest rate and monthly Principal and Interest Payment will never change during the life of the loan.
If you are looking to build equity more rapidly, a shorter term fixed-rate mortgage might be a good choice. For example, 15-Year Mortgage fully amortizes over the 15-year period and offers all the advantages of the 30-year loan. Shorter term mortgages also have lower interest rates, and because of the more rapid repayment of principal, you will pay off your home in less time.
One potential drawback is that, with a 15-year loan, you commit to a higher monthly payment. For this reason, many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan years earlier. This approach is often safer than committing to a regular higher monthly payment.
Adjustable Rate Loans
An ARM is a mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).
3/1, 5/1 or 7/1 Adjustable Rate Mortgages - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Affordable Mortgage Programs
Inland Home Mortgage offers many affordable housing programs that may offer: lower than market rates, reduced Private Mortgage Insurance, down payment assistance or a combination of both. Speak to your Inland Home Mortgage Loan Officer to find out about available products and programs in your area.
New Construction And Rehab Mortgage Programs
We offer One-Close Construction loans and Lot Loans, as well as, FHA 203K and FNMA Renovation loans. Your Loan Officer can help you decide which program is best for your particular needs.
Help For Self-Employed Borrowers
We offer a mortgage loan based not on Federal Tax Returns, but on the cash flow of your business. Some restrictions apply; speak to your Inland Home Mortgage Loan Officer for additional details.