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.
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 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.
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.
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.
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.
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.
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
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 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.