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Which home loan is right for you? There’s one for everyone—find the loan that fits your finances and goals.
Conventional
Ideal for borrowers with excellent credit, low debt-to-income ratio, and reliable income
FHA
Designed for low to moderate-income borrowers or those who have lower credit scores
VA
A no down payment, no PMI home loan for military service members, veterans, and surviving spouses
Non-QM
Designed for the self-employed, those who have bad credit, or borrowers who have filed for bankruptcy
Self Employed & Investors
Loan options for those who work for themselves or who are interested in an investment property
Reverse
Available to homeowners 62 and older, allowing them to borrow money using their home as security
Jumbo
Designed for borrowers who are purchasing a home at a price that exceeds conforming loan limits
Renovation
Buy a fixer-upper with a loan that includes the purchase price and renovation costs
Frequently Asked Questions
What does APR mean?
APR stands for Annual Percentage Rate, the total loan cost calculated into an annual interest rate. When comparing loans and rates, APR is used, so you’re comparing “apples to apples” among different loan programs.
What does it mean to purchase points?
You can pay a one-time fee to purchase points that’ll lower your interest rate. Each point costs 1 percent of your loan amount and will drop your interest rate by up to a quarter percent.
How do I calculate my debt-to-income ratio?
Your debt-to-income (DTI) ratio is one of the top figures that lenders will look at.
To calculate your DTI, first add up all your monthly bills (rent, loan payments, credit cards, alimony, child support, and any other debts you’re paying each month). Do not include expenses such as utilities, groceries, or gas.
Next, divide the total by your gross monthly income (before taxes are taken out). The calculation will give you a percentage, which is your DTI.
What is mortgage insurance?
If you’re making a down payment that’s less than 20 percent, lenders will typically require that you pay mortgage insurance. It’s meant to lower the risk for lenders in the event you default on your loan.
Why Homeowners Love E 3 Mortgage
I purchased and refinanced my home with this company, and they were very professional! Definitely recommend.
How Can We Help?
Reach out to us with any questions you may have. We’re happy to connect.
