Loan Options

Loan Options

Our Loan Rates Are Low & Our Process is Quick & Painless

Drexel Hill Mortgage is the company to call if you are looking for home loans in Drexel Hill or any surrounding areas in Pennsylvania. We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way. Our loan rates are low and are process is quick and painless.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.

Mortgage Loan Process

Here’s how our home loan process works:

  • • Complete our simple Mortgage Qualifier
  • • Receive options based on your unique criteria and scenario
  • • Compare mortgage interest rates and terms
  • • Choose the offer that best fits your needs

Review your 30-year fixed, 15-year fixed, adjustable rate and many more loan options.

30 Year Fixed Mortgage

Our 30-Year Fixed Rates Are Low & Our Process is Quick & Painless

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.

Learn more about our 30-Year Fixed Mortgage.

15 Year Fixed Mortgage

Our 15-Year Fixed Rates Are Low & Our Process is Quick & Painless

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

Learn more about our 15-Year Fixed Mortgage.

Adjustable Rate Mortgage (ARM) Loans

Our Adjustable Rates Are Low & Our Process is Quick & Painless

An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is too high.

Learn more about our Adjustable Rate Mortgage.

FHA Loans

Our Adjustable Rates Are Low & Our Process is Quick & Painless

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.

Learn more about our FHA Loans.

VA Loans

Our VA Loan Rates Are Low & Our Process is Quick & Painless

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

Learn more about our VA Loans.

Jumbo Loans

Our Jumbo Loan Rates Are Low & Our Process is Quick & Painless

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2010, the limit is $417,000 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $625,500. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.

Learn more about our Jumbo Loans.

203K Loans

Our 203K Loan Rates Are Low & Our Process is Quick & Painless

An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.

Often the loan will also include:

1)  An up to 20% “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or

2)  A provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.

Learn more about our 203K Loans.

USDA Loans

Our USDA Loan Rates Are Low & Our Process is Quick & Painless

The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. Some of the popular types of loans are: the single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify.

Though the terms and details of these loans differ, all offer very low effective interest rates (some are as low as 1 percent) and don’t require a cash down payment. To qualify, you need to have a decent credit history.

Learn more about our USDA Loans.

HARP Loans

Our HARP Loan Rates Are Low & Our Process is Quick & Painless

The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages.

Learn more about HARP Loans.

Reverse Loans

Our Reverse Loan Rates Are Low & Our Process is Quick & Painless

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.

Learn more about Reverse Loans.