It is important that you understand the features of your loan program and that the program meets your financial needs. We can assist you in that
determination.
Fixed-Rate Mortgage (40, 30, 20, 15, 10 Year Fixed)
We offer to our borrowers the choice of 40-, 30-, 20-, 15-, and 10- year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change.
Our company also provides an interest-only option for the 30-year fixed product, allowing you to pay interest only in the first 10 years and fully amortize over the remaining 20 years. This option will be more costly as you are paying interest on the total loan amount for the first 10 years. Additionally, if you have mortgage insurance, you will pay mortgage insurance for a longer period of time. Finally, the principal balance will not be reduced unless you pay more than interest only amounts during the first 10 years.
The 15-year fixed mortgage 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 and pay less interest than with a 30-year mortgage. But with a 15-year loan, you commit to a higher monthly payment.
Adjustable-Rate Mortgages (3/1, 5/1, 7/1, and 10/1 ARM Programs)
An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.
Our 3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. Our ARMs are among our most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate.
FHA Loans
We offer residential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.
VA Loans
The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and guaranteed by the U.S. Veteran's Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.
USDA- Rural Development Home Loans.
One of the only true “no money down” loan products available. USDA loans are government insured loans directed to help specific zip codes and rural communities thrive through affordable housing. Desirable program features Include. No money down, no monthly mortgage insurance, no maximum loan amount, no reserve assets required to qualify and no limit on seller paid incentives or closing costs. Specific property eligibility can be determined through the USDA Web Site.
Jumbo, Non Conforming Loans.
Jumbo loans are loans larger than the limits set by Fannie Mae and Freddie Mac. In N. Carolina loans above 417,000 are considered jumbo or non conventional loans. Typically these loans have a different set of underwriting guidelines and higher interest rates. Maximum loans on jumbo mortgages are 80% of value or purchase price. An additional 5% can be added with a second mortgage based on the borrower’s qualifications. Most Jumbo loans are broken up into 3 categories. 417,000 to 1 million. A million to 1,500,000 and 1,500,000 and above. Jumbo loans come in a 30-year fixed and 3.5.and 7 year ARMS. An interest only option is also available.
Fixed-Rate Mortgage (40, 30, 20, 15, 10 Year Fixed)
We offer to our borrowers the choice of 40-, 30-, 20-, 15-, and 10- year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change.
Our company also provides an interest-only option for the 30-year fixed product, allowing you to pay interest only in the first 10 years and fully amortize over the remaining 20 years. This option will be more costly as you are paying interest on the total loan amount for the first 10 years. Additionally, if you have mortgage insurance, you will pay mortgage insurance for a longer period of time. Finally, the principal balance will not be reduced unless you pay more than interest only amounts during the first 10 years.
The 15-year fixed mortgage 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 and pay less interest than with a 30-year mortgage. But with a 15-year loan, you commit to a higher monthly payment.
Adjustable-Rate Mortgages (3/1, 5/1, 7/1, and 10/1 ARM Programs)
An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.
Our 3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. Our ARMs are among our most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate.
FHA Loans
We offer residential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.
VA Loans
The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and guaranteed by the U.S. Veteran's Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.
USDA- Rural Development Home Loans.
One of the only true “no money down” loan products available. USDA loans are government insured loans directed to help specific zip codes and rural communities thrive through affordable housing. Desirable program features Include. No money down, no monthly mortgage insurance, no maximum loan amount, no reserve assets required to qualify and no limit on seller paid incentives or closing costs. Specific property eligibility can be determined through the USDA Web Site.
Jumbo, Non Conforming Loans.
Jumbo loans are loans larger than the limits set by Fannie Mae and Freddie Mac. In N. Carolina loans above 417,000 are considered jumbo or non conventional loans. Typically these loans have a different set of underwriting guidelines and higher interest rates. Maximum loans on jumbo mortgages are 80% of value or purchase price. An additional 5% can be added with a second mortgage based on the borrower’s qualifications. Most Jumbo loans are broken up into 3 categories. 417,000 to 1 million. A million to 1,500,000 and 1,500,000 and above. Jumbo loans come in a 30-year fixed and 3.5.and 7 year ARMS. An interest only option is also available.
Old Virginia Mortgage, inc. is licensed by the state corporation commission/bureau of financial institutions as a mortgage lender/broker, license #3038.
We lend in the following states: Virginia and North Carolina.
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