Loan Programs & Rates

What kind of mortgage loan do I need? What's the advantages of a Fixed over an ARM? So many choices but Centris is here to help you decide which one is the best for YOU!

There are hundreds of different loan programs available to you as a consumer. Depending on your specific situation, there may only be a few that actually fit your needs. Be sure to consider your career , family goals , financial goals before deciding on one program or another. The time you spend understanding some basics may put you into the right program, or keep you out of the wrong one.

Adjustable Rate Mortgages
Popular alternative that starts with a lower rate and then adjusts according to the market interest rate. Initial fixed periods range from 1 to 10 years.

Balloon Mortgages
Balloon, Mortgages have a balance due at a certain future date, usually five or seven years. At that point, you either pay it off or refinance the balance, many companies offer a conversion feature.

Fixed Rate Mortgages
The old standby fixed rate mortgage is exactly what it implies. A fixed rate of interest is paid over the term of the loan, either 10, 15, 20, or 30 years

FHA Mortgage Loan Programs

The Federal Housing Administration (FHA) is a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA's primary objective is to assist in providing housing opportunities for low to moderate income families.

FHA has both single family (1-4 unit homes) and multifamily (5 or more units) mortgage lending programs. The agency does not generally provide the funds for the mortgages, but rather insures home mortgage loans made by private industry lenders such as mortgage bankers, savings and loans and banks.

FHA Loan Programs
Various FHA programs are available including the 203k rehab program, adjustable rate & 2-1 buydown programs.

FHA Refunds
If you've ever paid off a home loan backed by FHA, you may have money owed to you.

FHA Loan Limits
FHA Maximum Loan Amounts are set by HUD for every county in the United States. Find the maximum loan amount for your county.

FHA Mortgage Insurance
FHA is a government insured program with unique mortgage insurance programs. Although not as expensive monthly, you have an upfront MIP fee.

Gift Funds For Down Payment
One of the most popular aspect of FHA financing is the ability to receive your down payment as a gift. It just needs to be from a relative. Rules Regarding Bankruptcy FHA may have the most lenient policies towards bankruptcy, but you still must have a valid reason and reestablished credit.

Choosing the best program is hard to do, but usually the best way to find out is to speak with a Centris Mortgage Professional who will help you pick the right program.

Interest Rates

Interest rates are the name of the game when it comes to shopping for a home loan. But it is not as simple as finding a mortgage company and getting a quote. There are hundreds of programs and many options to these programs that will affect your decision. Be sure to check the APR of your quoted rate, which will calculate included fees

Current Interest Rates
Check our posted interest rates from our website. These rates do change daily.

Points

Points is a short name for Discount Points and each point represents 1% of the loan amount. These points are used to either buy down the mortgage interest rate or give the borrower a rebate that can be used to lower out of pocket closing costs.

Points = Tax Deductions
Unlike interest, points are paid upfront. If you're purchasing a home you can deduct the points from your taxes in the year you buy the house. That means money in your pocket this year, rather than spread out over the next 5 to 30 years. Points are deductible.

If you're refinancing, the tax deduction from the points get spread over the term of the loan.