Consumers Financial Company, Key West, FL
Consumers Financial Company is a licensed mortgage company located at 3706 N Roosevelt, Key West, FL 33040. See full profile and details below.
Mortgage Loan Types
In the past, there were only 3 different mortgage loan types available for home buyers. Now, there are various types of mortgage loans available to choose from. Here are some popular types of mortgage loans programs. These programs may or may not be offered by this mortgage company. It is best to call and inquire:
Fixed Rate Mortgages:Today you can choose from 5 year, 10 year, 20 year, 30 year, 40 year and even 50 year fixed rate mortgages, all of which are amortized.
FHA Loans:FHA mortgage loans are insured by the government through mortgage insurance that is funded into the loan. First time home buyers are ideal candidates for an FHA loan because down payment requirements are minimal and FICO scores don't matter.
VA Loans:This type of government loan is available to veterans who have served in the U.S. Armed Services and in certain cases, to spouses of deceased veterans. The requirements vary depending on the year of service. The main benefit of a VA loan is the borrower doesn't need a down payment and the loan is guaranteed by the Department of Veteran Affairs, but is funded by a conventional lender.
Interest Only Mortgage Types:Calling a mortgage loan type an interest only mortgage is a bit misleading because they are not really interest only. This type of loan has an option to make an interest only payment. The option is available only for a certain period of time. However, some junior mortgages are indeed interest only and require a balloon payment, consisting of the original loan balance at maturity.
Option ARM Mortgage Types:Option ARM loans are complicated. They are adjustable rate mortgages, and the buyer can choose from a variety of options and index rates. But, be careful of minimum payment options which can result in negative amortization.
Combo/Piggyback Mortgage Loans:This type of mortgage financing consists of two loans: a first mortgage and a second mortgage. The mortgages can be adjustable-rate mortgages or fixed-rate or a combination of the two. Borrowers take out two loans when the down payment is less than 20% to avoid paying private mortgage insurance.
Adjustable Rate Mortgage Loans:Adjustable-rate mortgages (ARMs) come in many flavors, colors and sizes. The interest rate fluctuates. It can move up or down monthly, semi-annually, annually or remain fixed for a period of time before it adjusts.
Mortgage Buydowns:Borrowers who want to pay a lower interest rate often choose mortgage buydowns. The interest rate is reduced because fees are paid to lower the rate, which is why it's called a buydown. Buyers, sellers or lenders can buy down the interest rate for the borrower.
This gives you some idea of what type of mortgage loans may be available to you. We are not affiliated with any mortgage companies listed on this site and are merely an information source to consumers.