Sunstate Mortgage Company - Finance your house

Choosing a mortgage can be as confusing as finding the right home. Here at Sunstate Mortgage Company we explain each type mortgage, help you determine which mortgage is in your best interest, and how you can get the best rate.

With each mortgage you must factor in risk, the term of your loan, and the size of the mortgage you need.

Fixed Rate Mortgages

Evidently, the interest rate on a fixed rate mortgage remains the same for the term of the loan. And so your monthly payment (principal balance and interest) also remains the same. The entire mortgage loan is repaid in equal monthly installments over the entire length of the loan.

Mortgage loans that are 30 plus years are considered long-term loans and any amount less than 30 years are short-term loans. Typically mortgage loans are from 10 to 40 years. The length of your loan depends on the amount of your loan. However, fixed rate loans are from 15 to 30 years.

Adjustable Rate Mortgages (ARMs)

Adjustable rate mortgages are also known as variable rate mortgage. With an ARM your interest rate is adjusted periodically. The interest rate increases or decreases with changes in market interest rate. This does not change the length of your loan. Your monthly payment is adjusted to reflect the interest rate change.

Federal Housing Administration (FHA) Loans

FHA mortgages are conceptually the same as fixed rate mortgages, but in addition they are insured by the federal government. The consumer pays the mortgage insurance premiums. The initial premium is determined by the length of the loan and the amount of the down payment. The insurance provides consumers with security.

Department of Veterans Affairs (VA) Loans

A VA mortgage is conceptually similar to a fixed rate mortgage. A VA loan consumer is provided by the assurance that if the consumer defaults on their loan, the federal government will pay a portion of the loan.

Sunstate Mortgage Company can help you purchase your new home and help you decide on a loan that will suit your needs.

We provide calculators to assist you in gathering your financial information.

Sunstate Mortgage Company is your source for purchase loans and other mortgage loan information in:

Alabama, Alaska, Arizona, Arkansas, Cal ifor nia, Colorado, Connecticut, Delaware, Flo rida, Georgia, Hawaii, Idaho, Ill inois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oh io, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Tex as, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin, and Wyoming

Click on the banner below to apply for a mortgage. Sunstate Mortgage Company will put you in contact with a licensed lender who will help customize the best loan for your needs.

Apply for a Sunstate Mortgage Company rate quote

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