Loan Options
Which Loan is Right For You?
Rateplicity is experienced in many different types of loans. Whether you are looking to purchase your first home, buying a rental property, or want to use your home equity, we have the expertise you need. We strive to make sure every client has an amazing experience and has access to the loan that is best for them. We understand that every file is different and our mortgage loan officers are trained to take care of your mortgage needs. Below are all our loan options. Click on the drop downs for a quick overview or click on the icons to learn more.
Conventional Loan
Conventional loans are mortgage loans that aren’t insured or guaranteed by the federal government. These are a great choice for homeowners, since they offer lower costs than many other loans. These loans come in all shapes and sizes. While they don’t provide some of the benefits as FHA, VA and USDA loans, conventional loans remain the most common type of mortgage loan. According to the National Association of Home Builders, conventional loans accounted for 78.5% of new home sales in the first quarter of 2022.
Cash Out Refinance
You bought a home and want to do everything you can to make sure your home is as comfortable and updated as possible. A cash-out refinance can help you use the money you have already paid into your mortgage to cover repair bills, consolidate and pay off debt, or even eliminate your outstanding student or medical loans.
VA Loan
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists, and select surviving spouses (provided they do not remarry). This loan can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction.
Debt Consolidation
A debt consolidation loan is an installment loan with repayment terms usually lasting between two to five years. These loans are used to combine all your existing debts into a single debt with only one monthly payment.
FHA Loan
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). This loan is popular among first time home buyers because they allow down payments of 3.5% if you have a credit score of 580+.
No Income Verification
No Income Verification Loans are also known as “No Tax Return Home Loans,” “Limited Proof of Income Loans,” or “No Ration Loans.” With a No Income Verification Loan, your debt-to-income (DTI) ratio will not be calculated, and no income or verification of employment used. This loan is perfect if you have a high DTI or a hard time showing income. The other benefit of this type of loan is that Gift Money is allowed.
Bank Statement Mortgage - No W2 or Tax Return Needed!
We offer Bank Statement Home Loans to self-employed borrowers. This loan is an option for you if your income is inconsistent, your employer doesn’t issue traditional paychecks, or you are not able to qualify using W2 and tax returns due to significant tax deductions. With Bank Statement Loans, borrowers are qualified based upon their ability to repay using a 24-month average of deposits. Depending on the program, personal or business bank statements may be used.
Refinance
The Refinance process is pretty simple. Essentially, refinancing means taking one mortgage and swapping it out for another that better fits your needs. There are several common reasons to refinance a mortgage, including tapping into your home’s equity, getting a lower payment, or changing your mortgage term.
Jumbo Loan
A Jumbo loan or non-conforming loan is when the loan amount exceeds the Federal Housing Finance Agency (FHFA) conforming loan limits followed by government-sponsored entities like Fannie Mae and Freddie Mac. Such loans are used to finance the more expensive properties. If you’re in the market for homes that have high mortgage amounts, such as very large houses or properties in high-cost areas, jumbo home loans are definitely something you’ll want to be familiar with.
Fixed Interest Rate Loans
A fixed interest rate is attractive to borrowers who don’t want their interest rates fluctuating over the term of their loan, which could potentially increase their interest expenses and mortgage payments. Fixed rates might apply during the entire term of the loan or for just part of the term, but it remains the same throughout a set period.
Rate-and-Term Refinance
Secure a better rate and term or get a cash out on your home equity today. When you refinance, you pay off your existing mortgage with the funds from your new loan. Refinancing can accomplish more than saving on mortgage interest.
USDA Loan
What makes a USDA Loan desirable is that they are ZERO down, LOW interest rate mortgages. The United States Department of Agriculture guarantees the loans. They help very low-to-moderate income buyers become homeowners. The home must be in a rural area, which the USDA defines as having a population under 35,000. There are also a few suburban areas that meet the USDA criteria.
Foreign National
The Foreign National Loan program allows non-citizen borrowers the opportunity to invest in real estate in the United States. We offer a wide range of mortgage programs with excellent options for foreign investors who want to take advantage of the hot rental markets or own vacation property. We are confident that our loan program can meet your needs whether you are buying an investment, a second home, or looking to refinance your existing mortgage in the U.S. We pride ourselves on our competitive rates and flexible mortgage programs for foreign nationals.
Reverse Mortgage
A Reverse Mortgage is best for people over the age of 62.
If you need money to cover healthcare expenses, pay off your mortgage, or add to your income, you should consider a reverse mortgage — a type of loan secured by your home. It allows you to keep your home but convert part of the equity into cash. When borrowing against your equity, you get access to cash to pay for increasing cost-of-living expenses or unexpected costs.
