15, 20, 30 Year Fixed Loan
30 Year FixedA 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor rate.
15 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed", the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
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Our happy Clients
"I've been in the Real Estate Industry for over 15 years and I've worked with a lot of lenders. I can truly say that Andy Gobin with NewStar Mortgage is one of the BEST!! His integrity and his above and beyond attitude is SO refreshing, No matter the size of the loan he goes that extra mile, even when I'm over the top he remains his same calm self. He genuinely cares for our clients and is ALWAYS accessible I mean on weekends late at night and even on Holiday's. I truly enjoy having him on my team and is a JOY to work with. "
"In the latter part of 2014, I sold and bought a home two months apart which can be a very stressful and daunting task on anyone. However working with Mr. Andy Gobin of New Star Mortgage was one of the best decisions I made in securing a home loan. Mr. Gobin came highly recommended from a friend and from my very first conversation with Mr. Gobin, I had NO regrets. While mortgage loan officers from other companies gave up on my financing, Mr. Gobin didn’t and worked hard from day one to find a loan that would work and that he did! During the process, I called him numerous of times of the day, Mr. Gobin’s kindness, professionalism and demeanor never changed. Additionally, my realtor was so impressed with Mr. Gobin’s professionalism, responsiveness and the efficient way Mr. Gobin handled the processing of my loan docs, he is also referring customers to Mr. Gobin! He (Mr. Gobin) carefully explained the loan process; kept me updated throughout the process; closed my loan in a timely manner; and was able to get me an outstanding (low) rate. If you are looking for a mortgage loan and are not concern about the processing time or getting a great rate....... then call any mortgage company. IF you want your mortgage loan processed quickly, professionally AND get the best rate…. then I HIGHLY RECOMMEND that you call Mr. Andy Gobin of New Star Mortgage!"
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