Borrowing enough money to buy a house can be intimidating, but we can guide you through the process. Weichert Financial Services has more than 370 mortgage products to chose from to meet your specific needs, including conventional loans, jumbo loans, VA loans (government guaranteed) & FHA loans (government insured), unique loan programs, 100% financing, refinancing, home equity loans and lines of credit. And, our Gold Services manager will be happy to assist you in deciding which loan program is right for you.

We also work with other mortgage brokers in the area and can advise you of different financing options.

A Mortgage

A mortgage is a loan from a bank or other lending institution to cover the cost of a purchased property. The property itself is used as collateral and the lender holds title until the loan is repaid. The terms of the loan are all spelled out in the mortgage contract, including the length of time you have to repay, as well as the interest rates, and terms for early repayment. You will be expected to put some cash into your purchase and you will have to prove to the bank that you will be able to make your payments. Some mortgages are assumable, meaning if you sell the property, the buyer can assume the loan and take over the payments from you.

Down Payment

A down payment guarantees the lender that it will not lose money if you fail to pay your debt. The lender requires the mortgage to be less than the value of the property, so that the loan can be paid back if the property has to be sold. The down payment makes up the difference between the cost of the house and the loan you can get to purchase it.

The Conventional Rate Mortgage

This is a mortgage with an interest rate that stays the same until the mortgage is paid off. The terms of repayment and specific interest rates will vary from bank to bank, based on your personal financial picture. So, it's good to explore your options.

The Adjustable Rate Mortgage (ARM)

An ARM is a loan with interest changing at different periods of time. The rate changes may be predetermined and fixed, or they may be based on variable factors, such as the one-year Treasury Security Index.

The FHA Loan

FHA loans are insured by the Federal Housing Administration (FHA). This makes this a very low risk loan for the lender. These loans are designed to encourage lenders to make loans for residential properties. The terms are also favorable for the buyer, and are worth consideration.

The VA Loan

These programs offer long-term financing to eligible veterans or their surviving unmarried spouses, with little or no down payment required. And VA loans are guaranteed by the Veteran's Administration.

* All financing is subject to qualified buyers. Different loan programs may require different qualifications.