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RoundPoint Mortgage Company has many mortgage loan options to offer. Whether you are a first time home buyer or simply buying another home, RoundPoint Mortgage Company has the perfect mortgage loan product for your family.

Fixed Rate Mortgages

With a fixed rate mortgage, you will know exactly what your principal and interest payment will be each month for the life of your loan. It won’t change because your interest rate doesn’t change. If interest rates go up, you have the security of knowing that you’re protected with a fixed rate mortgage. On the flip side, you won’t benefit if rates go down but RoundPoint Mortgage Company can always help you take advantage of falling rates by refinancing.

A fixed rate mortgage might be right for you if:

  • You want the security of a fixed principal and interest payment.
  • You think that interest rates might go up.
  • You plan on living in your home for an extended period of time.
  • You are on a fixed or limited budget.

Adjustable Rate Mortgages (ARM)

Compared to fixed rate mortgages, Adjustable Rate Mortgages (ARMs) often times offer a lower interest rate to start, so your monthly payments at the beginning of your loan are generally lower than what you would get with a fixed rate loan. But, the interest rate can move up or down with the market based on an "index". Some of the more common indices include U. S. Treasury Bills, Cost of Funds Index (COFI) and the London Interbank Offered Rate (LIBOR).

Most ARMs have an initial fixed rate period where the interest rate doesn’t change followed by the rest of the loan’s lifetime period where the rate is adjusted at predetermined intervals. Most ARMs have caps that limit how much your interest rate can change per period as well as over the life of the loan.

There are also ARM products that offer a teaser rate that start out with interest rates that are significantly discounted. These discounted rates are well below current market rates and will almost certainly go up at the first adjustment period. It is important to read and understand the terms of an ARM loan to ensure you can afford any ARM loan if and when the rate and payments change.

An adjustable rate mortgage might be right for you if:

  • You are confident your income will increase by the time the interest rate begins to adjust
  • You believe that rates will not change significantly and you can afford the new payment if the rate does change.
  • You plan on selling or refinancing your home prior to the time when the interest rate on your loan will begin to change.

Conforming Mortgage Loan

Conforming mortgage loans are those that fall within the loan limits and guidelines set by Fannie Mae and Freddie Mac. Conforming loans are the most common in the marketplace and therefore underwriting guidelines, rates and terms are the most standard of the available loan programs in the marketplace.

Jumbo Mortgages

Jumbo Mortgages also known as nonconforming loans exceed the loan limits set by the two government sponsored entities (GSEs) Fannie Mae and Freddie Mac. These agencies buy many of the mortgage loans that are originated by mortgage lenders. Jumbo mortgage loans typically have slightly different underwriting guidelines and rates and terms than a conforming loan as the risk associated with a jumbo loan is deemed to be higher than that of a conforming loan.

FHA Loans

The Federal Housing Administration (FHA) provides a loan guarantee program so qualified borrowers can get a mortgage loan with a down payment as low as 3%. The FHA doesn’t make the loan but rather they guarantee the loan minimizing the lender’s financial risk. FHA loans require small down payments and have credit parameters for borrowers that may not qualify for a conventional mortgage loan. They offer both fixed and adjustable loans.

Construction to Permanent Loan

A construction loan is typically a short term loan specifically used for the construction of a dwelling. A construction to permanent loan converts a construction loan to one with traditional permanent financing.