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Different loans have different up-front costs, interest rates, payment schedules and incentives. The most common loans in our area are Conventional Fixed Rate, FHA (Federal Housing Administration), ARM (Adjustable Rate Mortgage) and VA (Veterans Affairs).
There are usually incentives available for first-time homebuyers, investors and new construction homes. Below is some information on the most common types of loan, however, your Ruhl Mortgage loan officer can find the right home loan for you and your specific needs. Contact them directly or call us at 563-441-1862.
Fixed rate loans, our most popular mortgage option, lock in an interest rate and payment for the entire term of the loan. Your rate and payment never increase, even if market conditions change, helping to give you peace-of-mind. Make future plans with confidence that your mortgage cannot rise beyond your budget.
FHA loans offer relaxed underwriting standards, require a lower down payment, and have less stringent restrictions. Ruhl Mortgage has been an FHA Direct Endorsement Lender for over 55 years.
Adjustable rate mortgages (ARMs) offer low initial interest rates and affordable monthly payments in exchange for possible future rate adjustments. Rate locks can be as long as 10 years, giving buyers stability along with lower monthly payments. More variable than a fixed loan, an adjustable rate mortgage can still be an option for many.
Are you a veteran looking to finance your new home? We have loan options structured specifically for veterans. Additionally, we are a VA (Veterans Affairs) Automatic Lender, which means that we have the capability to save you time by approving your loan right away.
You can also use different types of mortgage calculators to determine what your monthly payment will be, figure out the mortgage length, find out how much income is needed to qualify, and compare the costs of renting versus buying. Access additional options by visiting Ruhl Mortgage’s calculator library.
Information provided should not be considered as a commitment to lend. Offer subject to property and credit approval. Program and other restrictions may apply. Please contact your Loan Consultant for further details. 1701 52nd Avenue, Moline, IL 61265. Illinois Residential Mortgage License. ©2015 Ruhl Mortgage. NMLS#935629.
Illinois Residential Mortgage Licensee MB.6760937 | Iowa #:2012-0110 | Wisconsin #:935629BA