Finding the Right Mortgage for You
There are many home loan options available, and understanding your choices can make a big difference. At Simply Home Loans, we’re here to guide you through the options and help you select the loan that fits your unique goals and financial situation.
Mortgage Rate Options
Adjustable Rate Mortgage (ARM)
An ARM features an interest rate that can change over time. It typically starts with a fixed rate for an initial period, then adjusts periodically based on market conditions for the remainder of the loan term.
Fixed Rate Mortgage
A popular and predictable option, a fixed-rate mortgage keeps your monthly principal and interest payments consistent for the entire term of the loan, providing long-term stability and peace of mind.
Graduated Payment Mortgage
This type of loan starts with lower monthly payments that gradually increase each year for a set period, then level off to a fixed amount for the rest of the loan term.
Interest Only Mortgage
With an interest-only mortgage, your payments cover only the interest for a set period, delaying principal repayment until later in the loan term. This option may be available with fixed-rate, adjustable-rate, or ARM loans.
Purchase Loan Programs
FHA Loans
Backed by the Federal Housing Administration, FHA loans offer flexible qualification guidelines, lower down payment options, and competitive rates—making homeownership more accessible for many buyers, especially first-timers.
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First-Time Homebuyer
Special loan programs designed to help those purchasing their first home, often offering benefits like lower down payments, flexible credit requirements, and assistance with closing costs to make homeownership more accessible.
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Fixed-Rate Mortgage
Enjoy the security of consistent monthly payments with a fixed-rate mortgage. Your interest rate stays the same for the life of the loan, making it easy to plan your budget with confidence.
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Investment Property
Whether you’re purchasing a rental property or expanding your real estate portfolio, investment property loans offer financing solutions tailored to help you build long-term wealth through real estate.
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Jumbo Loans
Backed by the Federal Housing Administration, FHA loans offer flexible qualification guidelines, lower down payment options, and competitive rates—making homeownership more accessible for many buyers, especially first-timers.
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Low Down Payment Options
Don’t let a large down payment hold you back. With low down payment loan programs, you can achieve homeownership sooner, with flexible financing options designed to fit your budget.
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USDA Loans
Backed by the U.S. Department of Agriculture, USDA loans offer eligible buyers zero down payment options and competitive rates for homes in designated rural and suburban areas, making homeownership more affordable in qualifying communities.
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VA Loans
Exclusively available to eligible veterans, active-duty service members, and certain military spouses, VA loans offer significant benefits—including no down payment, competitive rates, and no private mortgage insurance—to help make homeownership more accessible for those who’ve served.
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Refinancing Loan Programs
Cash-Out Refinance
Turn your home’s equity into cash with a cash-out refinance. This option allows you to refinance your current mortgage for more than you owe and access the difference as funds you can use for home improvements, debt consolidation, or other financial needs.
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Refinance
Refinancing allows you to replace your existing mortgage with a new one – potentially lowering your interest rate, reducing your monthly payments, shortening your loan term, or accessing equity to meet your financial goals.
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VA Loan Refinance
Designed for eligible veterans and service members, VA refinance options – including the VA Interest Rate Reduction Refinance Loan (IRRRL) – make it easier to lower your rate, reduce monthly payments, or tap into your home’s equity while maintaining the benefits of VA loan programs.
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