At Contour Mortgage, we offer Conventional Home Loans designed to provide flexible financing options with competitive rates for homebuyers and homeowners looking to refinance. Whether you're purchasing your first home, upgrading to a larger space, or refinancing for better terms, a conventional loan can be a smart and affordable choice.

Fixed vs. Adjustable-Rate Options

• Fixed-Rate Mortgage – Enjoy predictable payments for the life of the loan.

• Adjustable-Rate Mortgage (ARM) – Start with a lower initial rate that adjusts over time.

Home buyers with their sights set on a property that’s approaching a half-a-million dollars or more—and don’t have that kind of cash in the bank—are going to need a Jumbo Loan. These types of loans are designed to finance homes in competitive real estate markets and generally luxury properties. Jumbo Loans include underwriting requirements and tax implications that are unique to the home-buying market. 

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), which is within the U.S. Department of Housing and Urban Development (HUD). It is offered through various mortgage lenders who have been approved by the government agency.

With an FHA loan:

• Your down-payment can be as low as 3.5% of the purchase price. This is significantly lower than other mortgage loan options. A conventional loan, for example, typically requires borrowers to pay anywhere from 5-20% down.

• Your closing costs and fees are included in the loan in many cases. The FHA permits home sellers, builders and lenders to pay some of the borrower’s closing costs, which include appraisal, credit reports and/or title expenses.

A VA loan is a mortgage financing option available to veterans, active-duty service members, reservists and National Guard members. It requires minimal closing costs and offers flexible qualifications.

The benefits of a VA loan include:

• No Down Payment Options Available
  Many borrowers won’t be required to put any money down, although having some funds for a down payment is always helpful.

• Private Mortgage Insurance Is Not Required
  Home buyers who cannot afford a 20 percent down payment under another type of mortgage loan, such as a conventional loan, are expected to pay private mortgage insurance (PMI). However, VA loans do not have this requirement, since they’re guaranteed by the VA.

• Limits On Closing Costs
  Appraisal fees, inspection fees, buyer-broker fees—these are just a few expenses VA loan borrowers won’t have to pay at closing.

If you’re not satisfied with your monthly payment or want to take advantage of historically low interest rates, it’s time to refinance. This is a great way to free up funds every month or pay off your home quickly.