Our Loan Products

Thinking of buying a house? Thrive Lending Group is committed to guiding you through all stages of the homebuying process. Discover the various loan products and options we have for you.

Thrive Lending Group - Arbor Financial Group » Loan Products

Fixed-Rate Mortgages

Buying a home can be a huge moment in a person’s life, but it can also lead to a great deal of stress. During periods of change like this, a little consistency can go a long way.
Fixed-rate mortgages are loans that have a fixed interest rate for the entire duration of the loan. They’re popular among homeowners who want to know exactly how much they’ll be paying every month. At Thrive Lending Group, we’re all about informing our clients and helping them make the best financial decisions. Get in touch with us to see if this is the right loan for you.

Adjustable-Rate Mortgages (ARM)

An ARM loan is also known as a variable-rate mortgage or floating mortgage. When it comes to ARM, the initial interest rate is fixed at a lower rate for a limited period of time. Eventually, it will move higher or lower, depending on the state of the economy and the cost of borrowing at the time. ARMs come with caps that limit just how much the interest rate or payment could rise.

If you’re looking to take advantage of a changing economy, adjustable-rate mortgages could be for you. They’re recommended for homebuyers who plan on keeping the loan for a limited period of time and if they can afford the potential increase in interest rate.

Long-Term & Short-Term Mortgages

Is your goal to buy a home and pay off the mortgage as soon as possible? If so, then the short-term mortgage is for you. This is because the loan period is usually under 10 years. However, while homebuyers enjoy the benefit of paying off their homes faster and a fixed interest rate, since short-term loans are considered primary mortgages, the interest rate tends to be high.

Long-term mortgages, on the other hand, have longer loan periods—over ten years. When you choose a long-term mortgage, your monthly payment will be lower since you have more time to pay off the principal. Long-term mortgages are best suited for low-to-moderate income homebuyers looking for a more affordable and flexible loan.

Can’t decide between a long-term and a short-term mortgage? Reach out to Thrive Lending Group; we have experts ready to assist you.

Conventional Loans

Conventional loans usually have a fixed interest rate. They aren’t government-backed and are instead funded by private lenders like banks and credit unions, meaning they follow stricter lending requirements. There are two types of conventional loans—conforming and non-conforming. Conforming loans adhere to the income and down payment guidelines imposed by the FHFA, while non-conforming loans don’t.

Conventional loans are a great option for homebuyers who have a solid credit score and can afford to make a down payment of 10% to 20%. If you’re still not sure if a conventional loan is the one for you, get in touch with Thrive Lending Group.

Jumbo Mortgages

If you’re looking to purchase a luxury property close to half a million dollars, then a jumbo mortgage is for you. It’s a type of loan that exceeds the limits set by the FHFA, which also means it’s not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

A jumbo mortgage is usually used to finance luxury homes or those found in extremely competitive real estate markets. In order to be eligible for one, homebuyers have to undergo rigorous credit requirements. They must have a high credit score and a low debt-to-income ratio. For more information on jumbo mortgages and the requirements they come with, reach out to our team.

FHA Loans

At Thrive Lending Group, we understand that buying a house is an expensive process, especially if you’re a first-time buyer. We believe that housing should be available to everyone, which is why we’re committed to helping our clients find the most comprehensive financial solutions to their purchasing challenges.

A Federal Housing Administration (FHA) loan is the usual go-to for a first-time homebuyer since they’re designed to help low-to-moderate-income families become homeowners. Because an FHA loan is insured by the government, they tend to require a relatively low down payment. Being insured also makes banks or lenders more willing to provide loans to homebuyers with relatively low credit scores.

VA Loans

A VA loan is a mortgage offered by the U.S. Department of Veterans Affairs program and is available to current or former members of the US military as well as their surviving spouses. When it comes to VA loans, they’re usually accompanied by generous terms. For instance, there is no down payment as long as the property’s purchase price does not exceed the VA home loan limit.

If you’re a current military personnel or a veteran looking to buy a house, you can reach out to Thrive Lending Group. We’ll help you choose a suitable mortgage from the different types of VA loans available.

Refinance Loans

If you’ve been paying off your mortgage on time and are in good standing, then you’ll be able to refinance your mortgage into more favorable terms. The process of refinancing a loan involves paying off an existing loan and replacing it with a newer one.

There are many reasons why homebuyers choose to refinance a loan. It could be to get a lower interest rate, shorten their mortgage term, or even switch from an adjustable-rate mortgage to a fixed-rate mortgage. If you’re looking to refinance a mortgage, please get in touch with our team.

Reverse Mortgages

A reverse mortgage is a loan agreement where homeowners trade equity for financial assets instead of borrowing money from a bank and paying a monthly mortgage payment. With a reverse mortgage, you won’t have to make monthly mortgage payments, saving yourself time, money, and stress.

Although this type of mortgage can be a great financial decision for some people, especially senior citizens, it can be a bad choice for others. That’s why Thrive Lending Group is here. It’s important to understand how reverse mortgages work and if they’re right for you before deciding on this type of loan. Schedule a consultation with us to learn more about the ins and outs of reverse mortgages.

Condo & Co-Op Loans

If community is important to you, then perhaps you’re considering purchasing a condo or co-op space rather than a single-family house. While both a condo and a co-op are similar, there are several differences between the two that play a part in your mortgage.

When you buy a condo, you own the unit as well as a percentage of the common areas. However, purchasing a co-op works similarly to the stock market—you don’t own the unit, but you are a shareholder. For more information on condo and co-op loans, reach out to our team. We’ll be happy to walk you through the process and help you decide if it’s right for you and your financial situation.

Construction Loans

Some dream homes have to be built from the ground up and aren’t always immediately ready for purchase. In situations like this, a homebuyer would have to consider a construction loan to fund this type of endeavor.

Construction loans are usually short-term loans, lasting over a period of one to two years. Once the house is complete, the homebuyer can refinance their loan. However, since constructing a house is considered relatively risky, these types of loans tend to come with a higher interest rate. Homebuyers can either pay off the interest during the loan period or when the project is completed.

If you’re eager to get started on building your dream home, reach out to one of our mortgage experts, and we’ll walk you through the process of getting the funding you need.