15, 20, 30 Year Fixed Loan
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 loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor 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)
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"We used Vito for our recent purchase of a house in Hoffman Estates. We found Vito very helpful and knowledgeable and easy to work with. He also gave us the best possible rates at the time. We recommend you give him a try if you are in the market for a house. You will not be disappointed."
"I could not have purchased my dream house without the help of Vito, he made the entire process effortless! When other lenders boxed me up against the corner telling me what I couldn't do, Vito made it happen! He made everything seem so easy, while working very hard in the background. I simply can't say enough about how great Vito was to work with."
"Vito was an absolute pleasure to deal with, he definitely helped make our home purchase a lot less stressful. Any questions we had regarding our loan Vito was very quick at getting back to us. I would highly recommend Vito to anyone looking for a home loan expert "
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"Vito and his staff at Lifestone Mortgage were AWESOME! They gave me all the numbers upfront and it even came out better than expected! We were ready to close even before the sellers! I would recommend Vito to anyone needing a mortgage broker!"