Applying for a mortgage loan has never been easier. The process is simple and in most cases can be handled right over the telephone.

Your current financial situation and your future plans will help you determine which loan term is best for you. During the application process, an Equisouth Mortgage loan professional will be asking you questions to help determine the mortgage program that best fits your individual needs and financial goals.

Before you apply for a loan you should have an idea of what type of financing options are available. Generally, there are two major categories or mortgage loan programs.

• Fixed Rate Mortgages
• Adjustable Rate Mortgages

Fixed Rate Mortgage

A fixed rate mortgage is a loan that offers the same interest rate for the life of the loan. There are several different fixed rate options --- 10, 15, 20 and 30 year fixed rate mortgages.

The interest rate savings is one way to consider what type of loan you choose. However, the monthly payment is also an important
factor when you consider the type of mortgage program that is best for you. Longer term loans usually offer a lower monthly mortgage payment and for some homeowners, this provides a greater sense of security.

Adjustable Rate Mortgage

An adjustable rate mortgage differs from a fixed rate mortgage because the interest rate and payment can change. Adjustable rate mortgages are tied to an index and have a cap on how much the interest rate can rise. ARM mortgages usually offer lower initial rates than fixed rate mortgages. If you plan to be in a home only a short period of time, an ARM may be an acceptable alternative to a fixed rate mortgage.

Conforming And Non-Conforming Products

For those customers who wish to look at other mortgage loan products we offer a vast array of conforming and non-conforming mortgage programs. Our mortgage loan professionals can guide you through these options.

Pre-Qualification

You can take the guesswork out of buying a new home by pre-qualifying. A pre-qualification gives you a snapshot of your home buying power. Although a pre-qualification is not a guarantee of financing, it gives you an idea of how much you are eligible to borrow.