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Types of loans

Several types of mortgage loan products are available and listed below. Once you review the types, ask us for more details, so we can determine which type of program would be the best option for you.

Fixed Rate Mortgage

A mortgage in which the interest rate is fixed for the term of the loan. Terms include 30, 20, 15 or 10 years.

Adjustable Rate Mortgage (ARM)

A mortgage in which the interest rate is adjusted periodically based on a preselected index and margin.

Hybrid Adjustable Rate Mortgage

A mortgage in which the interest rate is fixed for a predetermined period of time, like three, five, seven or 10 years. After the predetermined period of time, the loan converts to an adjustable rate mortgage (ARM) for the remaining term of the loan.

Conventional Loan

Conventional loans are not insured by any government program, and they are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet those guidelines, but are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA and USDA.

FHA Loan

A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately-priced homes almost anywhere in the country. FHA loans offer a low down payment and more flexibility than many other types of financing.

USDA Rural Home Loan

Loans guaranteed by the USDA remain one of the few nationally offered loan programs available with no down payment. The program’s requirements mandate that both the property and borrower must qualify. These requirements are dependent on the physical location of the property and the maximum household income.

VA Loan

Mortgage loans available to eligible US veterans. VA guaranteed loans are made by private lenders, such as banks or mortgage companies, for the purchase of a home for a buyer’s own personal occupancy. These loans offer competitive rates and require little or no down payment.

About

Established in 1980 in Chatham, New Jersey to offer real estate-related financial assistance to customers, Mortgage Access Corp. has grown by leaps and bounds. Currently serving home buyers and sellers in 36 states, Mortgage Access Corp. leads the way in full service under one roof, supplying mortgage loans and encompassing both insurance and several title insurance companies. By seeking out and contracting with Fannie Mae (the Federal National Mortgage Association), Freddie Mac (the Federal Ho ...

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Contact Me

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Kelly Elizabeth McHale - NMLS: 210456
225 Littleton Road
Morris Plains, New Jersey 07950
Phone: (973) 994-4884
Email: kmchale@moacc.com

 
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Mortgage Access Corp. - NMLS # 2731 (www.nmlsconsumeraccess.org). Executive Offices: 225 Littleton Road, Morris Plains, NJ 07950. Main: 1-800-829-CASH. Equal Housing Lender. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Licensed in 37 states. CA (Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, File 4130435), CO (Regulated by the Division of Real Estate), GA (Georgia Residential Mortgage Licensee, License #15719), IL (Illinois Residential Mortgage Licensee # MB.0006377), KS (Kansas Licensed Mortgage Company- MC.0001229), MA (Massachusetts Mortgage Lender and Broker Licenses #MC2731), ME (Licensed as a Supervised Lender), MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law, MS (Licensed by the MS Dept. of Banking and Consumer Finance, NJ(Licensed by the N.J. Department of Banking and Insurance), NY (Licensed Mortgage Banker - NYS Department of Financial Services), OH (Registration #MBMB.850209.000 & SM.501248.000), OR (OR Mortgage Lending License #ML-2528), PA (Licensed as a 1st Mortgage Banker by the Dept. of Banking), RI (Rhode Island Licensed Lender and Loan Broker), WA (WA: Consumer Loan License CL-2731) Mortgage Access Corp. arranges loans with third-party providers. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense. For more licensing info, visit www.mortgageaccess.com/aboutus/licensing. This site is not authorized by the New York State Department of Financial Service. No mortgage applications for properties located in the State of New York will be accepted through this site.