rsmith@cornerstonehm.com 757-635-0523

New Purchase

New Home Loans – Fast Approvals, No headaches

From fixed rate mortgage loan programs, adjustable home loans, jumbo loans, and assumable mortgages, Cornerstone Home Mortgage, LLC will help you to understand the various mortgage types and options. Our seasoned professionals will work with you and your real estate agent to offer complete guidance through the entire home loan process and help you to identify to best mortgage options available with no hidden fees or last minute surpasses.
 
From homes loans in Virginia Beach loans, to Norfolk, Chesapeake, or anywhere in Virginia, we have tailored solutions to get you financed.
 
Whether you’re a first time home buyer or an investor we can have you pre-approved and/or pre-qualified for a mortgage note within 3 business days.
 

Common Loan Types

Fixed Rate Mortgages:

If you’re looking for a monthly payment that is consistent with the principal and interest then a fixed rate may be and option. These loans are very desirable when rates are low and they also make it easy to plan and budget as your interest rates don’t change. For some, this option is ideal when planning to reside in the new home for extended periods of time. Generally these loans are available in 15 or 30 year terms.
 

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Adjustable Rate Mortgages:

An adjustable rate mortgage loan, also called ARM’s can be a great option and is generally best for short term loans when the conditions are right for low interest rates and may also be ideal when the buyer is not planning to live in the residence for long periods of time. The interest rate changes according to the market and generally begins with a fixed-rate and adjusts going forward. If you’re considering this type of program it’s a good idea to keep in mind that once the ARM’s fixed rate has expired you may be taking on a larger risk on future payments, however there are limits set to protect the borrower in the event of severe market fluctuations.
 

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mortgage closing

Assumable Mortgages:

Although assumable loans are rare but they do exist and sometimes are fantastic ways to acquire home loans at incredibly low rates. As the name suggest the homeowner essentially passes the balance of the loan on to the new buyer which eliminates the need for the seller to pay their loan off. This if usually only done when the assumable loan is being offered has a low rare which will protect the buyer if rates went up.
 
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Other loans to be considered are construction mortgages, bi-weekly mortgages, two-step mortgage loans, jumbo loans and more. Don’t let the wide array or loan options confuse you – we’ll help you understand you options and get you the financing you need.