Mortgage Types

Our knowledgeable staff is here to assist you in selecting the right mortgage for your needs. Below you will see a short selection of mortgages that our lenders have the capability to handle.

We have the ability to handle lots of special requests which may not be listed below, so contact us today.

In Virginia, Maryland, and Myrtle Beach (SC):
Union Mortgage Group, Inc.
UMG Home Page

In the Tidewater Region of Virginia:
Johnson Mortgage Company, LLC
Johnson Mortgage Home Page

Mortgages:

Adjustable Rate Mortgage (ARM): This type of mortgage has an interest rate that may vary and is adjusted periodically based on a pre-selected index. Also known as a variable rate mortgage, these types of loans can be cheaper initially, but can be unpredictable.

Balloon (payment) Mortgage: Usually a short term fixed-rate loan that involves small payments for a certain period of time, and one large payment for the remaining amount of the principal at a time specified in the contract.

Blanket Mortgage: One mortgage that covers (blankets) several pieces of real estate.

Conventional loan: A mortgage not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA). This mortgage is not a sub-prime loan.

FHA Loan: Is a program that allows buyers who might not otherwise qualify for a home loan to obtain one. The loan is insured by the Federal Housing Administration (FHA) so the risk is removed from the lender. This program is open to all qualified home purchasers. There are limits to the size of FHA loans.

Fixed-Rated Mortgage: A mortgage on which the interest rate is set for the term of the loan, regardless of future interest rate fluctuations. This makes payments precisely predictable, but it's not always the cheapest alternative.

Reverse Mortgages: A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

Veterans Administration (VA) Mortgage: A veteran mortgage often requires no down payment and frequently offers lower interest rates than ordinarily available. The Veterans Administration does not lend money or issue your VA loan. Instead, much like a FHA loan the VA offers a guaranty on you home loan which provides protection to the lender in even of default or foreclosure. This guaranty is subject to certain limits.