Fellowship home loans provide loans for either the acquisition or refinancing of a home. They work with integrity to satisfy their client needs and that of their radio followers. As home lenders, Fellowship Home Loans work diligently to serve clients, by not only recommending better options but also explaining to them both benefits and shortcomings of each option. These help clients make informed choices for their home loans.
Fellowship Home Loans Services
Fellowship Home loans (FHL) have been in the mortgage industry for more than ten years, and have managed to fulfill the goals and desires of their clients in buying homes. The long period serving as mortgage lenders has equipped FHL employees with knowledge and experience necessary for taking clients through the process of applying for FHA financing and navigating adaptable rate mortgages. They charge an affordable fee to all clients and ensure they understand what they are getting into when buying or refinancing a home. Other services offered by Fellowship Home Loans include:
Providing FHA financing
Fellowship Home Lenders is a permitted FHA direct lender. FHA financing provides clients with safe and inexpensive loan options for homeowners. Therefore, FHL clients looking for mortgages benefit directly from FHA services. These benefits include:
• At least 580 credit score
• Lack of pre-payment penalty
• Bankruptcy eligibility
• Fast and easy home loan agreement directly with Fellowship Home Loans
• Lock in a low 30-year fixed-rate.
Providing Fixed Rate Loans
Fixed rate loans are the ideal because they are reliable and offer stability over a long period. When rates are low, the fixed-rate mortgage will lower your monthly payment. Furthermore, if your home equity loan is large, a fixed rate loan will help you save money in the long term.
Providing Adjustable Rate Mortgage
Most adjustable rate mortgage products offer low introductory rates that are fixed from one to ten years; after that, the outstanding loan life could either adjust manually or every six months. At FHL, the client rate never goes higher than a specific amount even when rates skyrocket because there is a limit on the amount you can pay. Adjustable rate mortgage loans are only useful if you plan to stay in the home for at least 5 to 7 years and if you are in a high-interest rate environment.
Providing HARP Services
Home Affordable Refinance Program (HARP) assists homeowners in refinancing their mortgages notwithstanding the value of the homes. HARP is a government program designed to lower interest rates and reduce principal payments for homeowners who maintain making mortgage payments on time. Fellowship Home Loans gives homeowners an opportunity to utilize this privilege. You only need to reach out to confirm if you qualify for the HARP services.
Difference Between Fellowship Home Loans and other Lenders
The main difference between fellowship home loans and other lenders is the approach they take. Mortgage Loan institutions check the 3Cs before issuing home loans. These Cs include:
- Credit Score – the state of your credit report.
- Collateral – how much you own in your house in comparison to what you are looking to borrow
- Capacity – your debt to income ratio
The approach of other home loan lenders to the 3Cs is usually a frustrating process that leaves clients disappointed on most occasions because they end up not getting the services they were seeking. Fellowship Home Loan lenders, on the other hand, take a lot softer approach when dealing with the 3Cs. Their unique approach differentiates them from the regular mortgage lender.
Fellowship Home Loan Lending Approach
Credit- FHL takes a considerable amount of time to go through a client’s credit report and understand why it is possible for an individual to have an imperfect credit score. They focus on taking care of a client’s needs rather than condemning their bad credit scores. Before any loan issuance, detailed explanation on what may have happened to you is collected to see if you deserve the home loan.
Collateral- In most cases, mortgage lenders fail to carry out research owned by clients properly and any other material used as collateral. FHI take enough time and efforts researching in the client’s area seeking to find the most accurate and appraised value of their home.
Capacity – this is usually the strictest requirement for most banks; they say your debt ratio should not exceed 43% of your monthly income. Fellowship home loan lenders look at a client’s capacity more rationally. For instance, if the debt ratio is high, but a client has paid his/her bills on time and have reasonable assets, FHL can still approve a loan for such individuals. They approach such situations as ‘make sense’ to mortgages.
Purchasing a new home or refinancing one that is already in existence is a crucial moment in one’s life. Apart from having a good home projecting your future, the entire process involves a lot of money. Therefore, you need mortgage lenders who will deliver efficiently having your ideal interest at heart. Finding such principled lenders may prove a challenge, but do not worry because at FHL, principles, and client needs come fast rather than profits. For home loan inquiries and more, contact Fellowship Home Loans.