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"The Best Mortgage Interest Rates, The Lowest Closing Fees" |
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Mortgage Loan Products From Zero to Three Points, our aggressive fee structure makes it easy to understand why more and more people are choosing Madison First Financial Mortgages at your service. Madison First Financial, Inc. has the most competitive interest rates and the Lowest closing fees in the mortgage industry. We offer a variety of mortgages. Our products and services, include:
Rates for our mortgages are the LOWEST in the industry. Mortgages are easily applied for with our online application. Mortgage Product Types Madison First Financial offers a number of mortgage products. The following description of each mortgage product may be helpful as you determine which best fits your needs and situation. FIXED 30 Year Fixed Rate Mortgage - This is considered the safest and most conservative way to buy a house. This is a 30-year loan with an interest rate that will never change. As a result, your monthly payment will stay the same (except for taxes and insurance which always go up over time.) This is generally the best way to go unless you are sure that you will move in a few years. If the market rates for mortgages drop significantly after you have secured your new loan, you can refinance at a later time. 15 Year Fixed Rate Mortgage - This is the same as a 30 Year Fixed Mortgage, except the loan is paid off sooner. You will own your house in 15 years, but on average will pay 20-35% (this percentage varies according to your interest rate) more every month (versus a 30 year mortgage). 10 YEAR FIXED RATE MORTGAGE - This is the same as the 15 Year fixed, however this loan is paid off in 10 years. You will own your home in 10 years, but on the average will pay 50-75% (this percentage varies according to your interest rate) more every month (versus a 30 year mortgage). ADJUSTABLE The other way to finance a home is with a mortgage where the interest rate can change every year or at other specified intervals. The advantage to adjustable rate mortgages is that your initial payments are usually less than a fixed rate mortgage; but your rate will rise over time. There are several different variations of the adjustable rate mortgage. 1/1 Year Adjustable Rate Mortgage - This is a 30 year loan which has a fixed interest rate for the first year, but then changes to a 1 year adjustable for the last 29 years of the loan. This loan is considered risky and is usually used by individuals who know they will be selling their property in a short period of time. 3/1 YEAR ADJUSTABLE MORTGAGE - This is a 30 year loan which has a fixed interest rate for first three years, but then changes to a 1 year adjustable for the last 27 years of the loan. This type of mortgage is popular with individuals that know they will move within 3 years. Also, some people select this mortgage product if they want to increase the amount they can borrow by paying a lower interest rate up front. This loan is also considered risky and is usually best suited to individual that know they will be selling within a few years. 5/1 YEAR ADJUSTABLE MORTGAGE - This is very similar to the 3/1 adjustable. It is also a 30 year loan where the interest rate is fixed for the first 5 years and then changes to a 1 year adjustable for the last 25 years of the loan. This offers a lower interest rate than a regular fixed loan but not as low as a 3/1 or a 1 year adjustable. This type of mortgage is also considered risky, but is used by individuals who know they will stay at a property for less than 5 years. 7/1 YEAR ADJUSTABLE MORTGAGE - This is also a 30 year loan where the interest rate is fixed for the first 7 years and then changes to a 1 year adjustable for the last 23 years of the loan. Borrowers pay a little less in interest than with a regular fixed mortgage but not as low as a 1 year adjustable mortgage. 10/1 YEAR ADJUSTABLE MORTGAGE - This is a 30 year loan where the interest rate is fixed for the first 10 years and then changes to a 1 year adjustable for the last 20 years. Borrowers will have a long period of fixed payments with a lower interest rate. This mortgage product is typically used by borrowers who know they will sell a property within 10 years. OTHER No Income Verification A no income verification loan are popular with borrowers who are unwilling or unable to provide proof of income (W2's Tax returns etc.) The interest rate is significantly higher to cover the risk of the loan. Jumbo Mortgage - A jumbo loan is any residential or commercial mortgage with a loan amount of $322,700 or greater. Rates on jumbo loans tend to be slightly higher than loans of a lesser value, because lenders generally have a higher risk on these loans. |
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