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At Rockwell Mortgage, our dedicated mortgage specialists are here to guide you through every step of finding the best mortgage for your needs. We offer personalized consultations to assess your needs, explore suitable loan options, and answer any questions you may have. With clear communication and expert support, we ensure a smooth and successful home buying experience.
Learn About Loan Types
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.
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.
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.
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.
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).
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.