Memphis Mortgage Company
Memphis Mortgage Lending Experts
Buying a home is an exciting adventure. But it can also be scary if you don’t have a knowledgeable team on your side. The Karlton Goven Lending Team is your Memphis mortgage company helping turn your dream of owning a home into a reality instead of a nightmare.
What You Need to Know About Memphis Mortgages
First, somethings you need to know about your mortgage.
How a mortgage works:
Your mortgage is a very specific type of loan used to purchase a property. When you sign a mortgage agreement and promissory note, you’re agreeing to pay back the loan with certain terms and if you don’t, you lose your right to the property.
Your mortgage payment is always split between paying a portion of the principal of your loan and interest applied to your loan based on your rate. If your downpayment was less than 20% of the value of your home, you may also pay something called PMI, which stands for Private Mortgage Insurance.
The Karlton Goven Lending Team may collect property taxes along with your mortgage payment and keep the money in an escrow account until your property tax bill is due, paying it on your behalf when it does. Your lender will also require home insurance and may combine the insurance payment with your mortgage payment.
Types of Mortgages We Offer
As your expert Memphis mortgage company, we offer a variety of loan types to ensure that you find one that is perfect for your specific situation.
Conventional loans are the most common type of home loans. If you don’t know of any special circumstances that might apply to you, this is probably the type of loan you’ll need. Conventional loans can still be customized to meet your needs.
Fixed-rate loans will have the same interest rate for the entire length of the loan. The most common loan lengths for this type of loan are 15-year and 30-years. A 15-year loan will often have a lower interest rate, but a higher monthly payment. This can be a great option if you’re buying a home that is lower than your maximum budget and want to get your home paid off more quickly, with more money going directly to the principal. Most people, however, will opt for a 30-year fixed-rate loan because of the lower monthly payment.
An adjustable-rate loan means your rate can go up or down during the course of the loan. While there are financial benefits to an adjustable-rate mortgage, many homeowners choose a fixed rate because they want to eliminate the risk of their mortgage payment increases to a level they’re aren’t comfortable with in the future.
VA loans were designed as a way to thank those who have given up a portion of their lives to keep the rest of us safe. Qualified applicants can avoid a down payment altogether. This is a huge benefit and may be attractive to military personnel because they may not have had the opportunity to save up for a down payment. However, if you do make a down payment, you can have lower VA fees. A conventional loan requires a down payment of at least 5% and an FHA loan requires one of at least 3.5%
FHA Loans require This is, for many borrowers, the most notable of the FHA loan benefits. A credit score lower than 620 usually means a quick “no” from a conventional mortgage lender. With the FHA loan program, you can have a credit score as low as 500 and still get a loan. A conventional loan requires a down payment of 5% or more. For many people, this can be a challenge. An FHA loan, on the other hand, can have a down payment of as little as 3.5%. This makes it easier for people with limited cash on hand to get into the house they want.
Expert Memphis Mortgage Company
Our team has the experience to make sure you have a great experience while buying a home, and we have the track record to prove it. We’re based in Memphis, so you can count on personal service and quick decisions. And with Conventional, FHA, VA, and USDA options we've got a loan to fit your needs.
Contact us today to get started on your journey to your dream home.