Rockwell Mortgage | Josh Graves

Traditional 30 Year Fixed-Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. A 30-year fixed-rate loan may be a good option if you plan on staying in your home for years to come.We’re here to make the home loan process easier, with tools and knowledge that will help guide you along the way.

HELOC

A home equity line of credit, or HELOC, allows you to borrow against the equity you've built up in your home. It functions much like a credit card, where you can access funds as needed during a draw period, typically ten years. You only pay interest on the amount you borrow, and as you repay the loan, the available credit replenishes. This makes HELOCs a good option for ongoing expenses or unexpected costs.

15 Year Fixed-Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.

Adjustable Rate Mortgage

An ARM is an Adjustable Rate Mortgage. Unlike fixed-rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The intial interest rate of an ARM is lower then that of a fixed-rate mortgage, consequently, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is too high.

FHA Loans

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.

VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

Jumbo Loans

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2024, the limit is $766,550 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $1,149,825. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.