Types of loans and mortgage calculators

Different loans have different up-front costs, interest rates, payment schedules and incentives. The most common loans in our area are Conventional Fixed Rate, FHA (Federal Housing Administration), ARM (Adjustable Rate Mortgage) and VA (Veterans Affairs).

There are usually incentives available for first-time home buyers, investors and new construction homes. Below is some information on the most common types of loan, however, your Ruhl Mortgage loan officer can find the right home loan for you and your specific needs. Contact them directly or call us at 563-441-1862.

Conventional Fixed Rate Loans

Fixed rate loans, our most popular mortgage option, lock in an interest rate and payment for the entire term of the loan. Your rate and payment never increase, even if market conditions change, helping to give you peace-of-mind. Make future plans with confidence that your mortgage cannot rise beyond your budget.

• Affordable, competitive interest rates keep borrowing costs low.
• Locked interest rate for the entire mortgage term – predictable and budget friendly.
• Great for first time buyers – straightforward loan terms and paperwork.

FHA Loans

FHA loans offer relaxed underwriting standards, require a lower down payment, and have less stringent restrictions. Ruhl Mortgage has been an FHA Direct Endorsement Lender for over 55 years.

• Friends or family can assist with your down payment.
• Underwriting is less strict and more understanding of past credit problems because of government guarantee.
• We are a FHA Direct Endorsement Lender and can do everything including loan approvals in our office.

Adjustable Rate Mortgages

Adjustable rate mortgages (ARMs) offer low initial interest rates and affordable monthly payments in exchange for possible future rate adjustments. Rate locks can be as long as 10 years, giving buyers stability along with lower monthly payments. More variable than a fixed loan, an adjustable rate mortgage can still be an option for many.

• Lower monthly mortgage payment because of low initial rate.
• Frees up cash and may allow purchase of larger home.
• Perfect for buyers who plan to move, relocate, or expect income to rise.

Veteran Financing

Are you a veteran looking to finance your new home? We have loan options structured specifically for veterans. Additionally, we are a VA (Veterans Affairs) Automatic Lender, which means that we have the capability to save you time by approving your loan right away.

• VA Loans are open to all veterans who have served a minimum number of active duty days. Talk to your loan officer for more details.
• VA loan amounts are contingent upon the VA limits in effect at the time of application and upon the veteran’s unused entitlement amount.
• Depending on the down payment, the funding fee ranges between 2% and 3% of the loan amount.
• Under certain circumstances, you may use your VA entitlement more than once. In many instances a veteran can obtain 100% financing.

Mortgage Calculator Options

You can also use different types of mortgage calculators to determine what your monthly payment will be, figure out the mortgage length, find out how much income is needed to qualify, and compare the costs of renting versus buying. Access additional options by visiting Ruhl Mortgage’s calculator library.

Buying a home