Conventional Loans
30 Year Fixed
A 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type of loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lesser rate.
15 Year Fixed
This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed," the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
3/1, 5/1, 7/1 ARM
This type of loan has monthly payments that are based on a 30 year repayment schedule and the interest rate remains fixed for the first three years. After that time the interest rate (monthly payments) may change year after. This is called the "adjustment period."
The new rate is based upon changes in a financial index and is calculated by adding a specified amount to the index. The amount that is added to the index is called the margin. Let's say the index equals 4.5% at the time of adjustment and the margin equals 2.50%, the new interest rate would be 7%. However, adjustable loans usually have an "adjustment cap." So if the adjustment cap is 2%, the new rate would be 6.5%.
There is also a lifetime cap which limits how much the rate can go up or down during the life of the loan. These loans can work out well for people who stay in their house for the short term.
5/1 ARM is similar to the 3/1 ARM except for the fact that the interest rate remains fixed for the first five years.
7/1 ARM is similar to the 3/1 ARM except for the fact that the interest rate remains fixed for the first five years.
Apply Online
Our Happy Clients
-
" Hi, Tom this is Betty and Jeff calling. We're calling to thank you very much for the fine service that you know you we have experience with your company and the great customer service. It was really outstanding. You have a fine staff there. We we really totally amazed at how well everything had gone with the process, but I just wanted to say thank you so much and keep up with the fine customer service everyone was knowledgeable. They are very friendly and they were very patient with us a couple of times, you know, we got a little slow and things, but everything was solved after that point, but anyway, thank you so much. We made a great selection with your company and I hope everything works well with you in the future."
-
"Hi - My funds were just rec'd. I want to thankyou soo much for ALL your help. You were very professional, kind and patient with me. I always knew what was happening, the time frain and what was going to be happening next - so thank you for all that you did to make this outcome successful!!!"
-
"Not only did you beat the VA federal credit unit package and earn my business in the process, you also earned my trust. The Tom Brown group people are responsive, informative, sharing and education focused. From my first call with Tom I saw that if I did the work to get him good information about my goal he would guide me to get the "best that I was after". Tom, Thank you for your service to our country. Thank you for helping veterans. Thank you for helping me."
-
A big thank you is in order for the two of you from me- you proved to me that you can seal the deal and still be the best of people- I will (and have) promote the two of you forever and ever. I know that Natalie lives a ways away but if you ever come down to our parts- let me know as I would love to have you and your husband and kids and Tom and his significant other over for a nice Italian meal, Thank you forever and in a few years out- I will really need you again for a reverse mortgage as I intend to keep traveling and enjoying life. If I can help in any way to promote your business or you both- please let me know. Love you and a very Merry Christmas and Happy new year!"
-
"We just closed a VA stream line refinance with Tom Brown and I am BEYOND impressed with the service, execution and overall experience with Tom and his staff ESPECIALLY Natalie!!! Tom is 100% true to his words and no BS whatsoever. When he says "you'll instantly know you’re dealing with a veteran" he means it......and really made me feel like family from the first phone me call to the last call and the Christmas/New Year’s card with a personal note from Tom and Natalie. I am a USAF Gulf War Veteran with a family of 5 living in Southern California and currently work in the Home Improvement Retail industry. I NEVER have written a review on Facebook or anywhere else for that matter as these days MOST experiences are similar with companies today.... Tom Brown Group is THE EXCEPTION and a Standout in exceptional customer service.... Tom Brown, YOU HAVE A CUSTOMER FOR LIFE and a devout advocate for your business and your character!!!! THANK YOU, TOM BROWN GROUP! Sincerely,"
-
"I heard your radio ad today. Feel free to use me as a reference for all your veteran clients. The VA process was awesome and I remodeled my home with the cash-out refi we did together."