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There are several types of mortgages, each with its own features, benefits, and considerations. Here are some common types of mortgages:
Fixed-Rate Mortgage (FRM):Description: With a fixed-rate mortgage, the interest rate remains constant throughout the entire term of the loan.
Pros: Predictable monthly payments make budgeting easier.
Cons: Initial interest rates may be higher than adjustable-rate mortgages.
Adjustable-Rate Mortgage (ARM): Description: The interest rate on an adjustable-rate mortgage changes periodically based on fluctuations in a reference interest rate.
Pros: Initial interest rates are often lower than fixed-rate mortgages.
Cons: Monthly payments can increase when interest rates rise.
FHA Loans: Description: Insured by the Federal Housing Administration (FHA), these loans are designed to assist first-time homebuyers and those with low to moderate incomes.
Pros: Lower down payment requirements and more flexible qualification criteria.
Cons: Lower down payment requirements and more flexible qualification criteria.
VA Loans: Description: Guaranteed by the Department of Veterans Affairs, VA loans are available to eligible veterans and their spouses.
Pros: No down payment required, and competitive interest rates.
Cons: Limited eligibility to qualifying military personnel.
USDA Loans: Description: Backed by the U.S. Department of Agriculture, USDA loans aim to help individuals in rural areas achieve homeownership.
Pros: Zero down payment in eligible rural areas.
Cons: Limited to specific rural locations, and income restrictions may apply.
Interest-Only Mortgage: Description: Borrowers pay only the interest on the loan for a specified period, usually the first few years.
Pros: Lower initial monthly payments
Cons: After the interest-only period, payments increase significantly.
Balloon Mortgage: Description: A short-term mortgage with lower monthly payments for a fixed period, followed by a large lump-sum payment (balloon payment) at the end.
Pros: Lower initial payments
Cons: Risk of a large final payment, and may require refinancing or selling the property.
Jumbo Loans:Description: Loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.
Pros: Allows for higher loan amounts.
Cons: Typically, higher interest rates and stricter qualification requirements.
Reverse Mortgage: Description: Designed for seniors, a reverse mortgage allows homeowners to convert home equity into cash while retaining ownership.
Pros: No monthly mortgage payments required
Cons: Loan balance increases over time, reducing heirs' inheritance.
Conventional Loans: Description: Not insured or guaranteed by a government agency, conventional loans follow guidelines set by Fannie Mae or Freddie Mac.
Pros: Flexible terms and down payment options.
Cons: Stricter qualification criteria.
It’s essential to carefully consider your financial situation, goals, and preferences when choosing a mortgage type. Consulting with a mortgage professional or financial advisor can help you make an informed decision based on your specific needs and circumstances.
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Rent Reporting Platform
Helping tenants create a seasoned trade line
Improving credit scores in 30 days or less
Providing clarity and accountability
Reporting to both Transunion and Equifax
Monthly reporting and historical option.
You can have your rental history reported for one year or two years. The longer the history reported the more your credit score can increase. Rental reporting can be the difference between renting or owning you starter home or dream home.
One year reporting is $54.95 sign up and $6.95 a month for current reporting or Two year reporting $119.95 sign up and $6.95 a month for current reporting.
Your rental history is reported on 2 of 3 credit companies which allows your credit profile to be increase. Once your fee is paid and documents are uploaded, your landlord or management company is contacted to verify history and collected data and forward to company for processing and updates. Rental reporting can be as small as 30 days up to about 60 days. Time frame is base how accurate the information you provided and how fast landlord/management company return information.
Tenants Must Provide And Upload:
Landlord Name/Management Company Name
Landlord/Management Company Phone
Landlord/Management Company Email Address
Photo ID
Utility bill
Lease agreement
6 Step Quick And Simple Process
1.) Organize and gather your documentation
2.) Click button to enroll and start process
3.) Input name, email, and phone number
4.) Verify identification and documentation
5.) Select pricing information to enroll for 2 years
6.) Click enroll button and to complete processing
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