Loan Options

We specialize in the following mortgage products:

Conventional financing

FHA

FHA 203K Financing

USDA / Rural Development

Veteran Administration

First Time Home Buyer products

Jumbo Loan products

Call us today to speak to an expert!

The best mortgage rates in Delaware

Highlands Mortgage offers a variety of loan products including Conventional financing, FHA loans, USDA, Rural Development, VA loans and more. We are offering the best selection and mortgage rates in Delaware.

 

loan Information

Fixed rate loans are available in all sorts of shapes and sizes, with predictable monthly payments for terms between 10 and 30 years.

During the early amortization period of a fixed-rate loan, a large percentage of your monthly payment goes toward interest, and a much smaller part toward principal. That gradually reverses itself as the loan ages.

Why Choose Fixed Rate?

You might choose a fixed rate loan if you want to lock in a low interest rate and plan to stay in your home longer than 5 to 7 years. Consistent monthly payments can help make budgeting and long-term financial planning easier.

We offer several fixed rate mortgage options, including Conventional Loans, Jumbo Financing, Specialty Programs, and more. Talk to us about your needs and whether a fixed rate home loan is right for you!

Today’s homebuyers are in a unique position to combine the benefits of a fixed rate mortgage with the savings opportunities of an Adjustable Rate Mortgage (ARM). Our “Hybrid ARM” solutions give you the best of both worlds.

How Does an Adjustable Rate Mortgage Work?

An ARM offers a fixed rate term followed by regular rate adjustment intervals thereafter. These loans are often represented by fractions, such as 7/1. The first number represents the number of years the rates are fixed. The second number indicates the adjustment interval, or how often the interest rate will change.

Example: For a 7/1 loan, the fixed period is seven years. After that time, the interest rate adjusts every one year for the life of the loan.

Benefits of Adjustable Rate Mortgages

  • Great choice for buyers who plan to plan to refinance or move in the next few years
  • Lower interest rates during the initial fixed term
  • Choose from 5, 7, 10, and 15 year fixed terms
  • Conventional and Jumbo loan amounts available
  • Adjustment caps protect against surprises

FHA loans are backed by the Federal Housing Administration (FHA), and are designed to help creditworthy low-income and moderate-income families achieve homeownership.

FHA loan programs are particularly beneficial to buyers with less available cash for closing or down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. All FHA loans require an upfront mortgage insurance premium along with a monthly mortgage insurance premium.

The benefits of FHA home loan programs include:

  • As little as 3.5% down payment
  • Use gift or grant funds for down payment
  • Upfront mortgage insurance premium can be financed
  • Lower ongoing monthly mortgage insurance premiums than other loan types
  • More flexible underwriting criteria than conventional loans
  • Mortgage can be taken over (or “assumed”) by qualified buyers when the home is sold

VA loans offer special mortgage terms to qualified veterans, active duty service members, and their spouses. Guaranteed by the U.S.

Department of Veterans Affairs (VA), these loans have flexible qualifying criteria and generally do not require a down payment.

Benefits of the VA Loan Program:

  • No private mortgage insurance requirement
  • 100% financing up to the VA lending limit in your area *
  • Borrow up to $1.5 million with a VA Jumbo Loan **
  • Right to prepay loan without penalties
  • Closing costs comparable – and sometimes lower – than other financing types
  • Mortgage can be taken over (or “assumed”) by the buyer when a home is sold. (Must be VA eligible)
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan

The goal of the USDA loan program is to help our nation’s smaller, rural communities thrive by making land and property more affordable.

USDA loans are guaranteed by the U.S. Department of Agriculture (USDA). Sometimes referred to as Rural Development Loans, these government-insured mortgages that allow you to purchase a home with no money down. The property must be in an eligible USDA-defined rural area. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan.

Benefits of USDA Loans include:

  • Ideal for borrowers with limited assets looking to buy in rural areas
  • 100% financing
  • No down payment required
  • Flexible qualifying criteria
  • Minimal cash to close
  • Low interest rates and stable financing terms
  • 1% upfront USDA Guarantee Fee can be financed into the mortgage

Is My Property Eligible for a USDA Loan?

In order to be eligible for a USDA Loan, the home you wish to purchase or refinance must be located in a USDA-designated rural area.

Putting the equity in your home to work for you.

Refinance Your Mortgage to Better Fit Your Needs and Lifestyle

We care about your goals. Tell us what you’d like to achieve, and our loan experts will walk you through the refinance process with the personalized guidance you need from start to finish.

Lower Your Monthly Payment

When market rates are lower than the present rate on your mortgage, refinancing may provide significant savings on your monthly mortgage payment.

Shorten Your Mortgage Term

You can use a refinance to shorten the term of your mortgage, which may allow you to pay off your mortgage sooner, or build equity faster. This may result in a slightly higher monthly payment, but you may also save money by paying less toward total interest over the life of the loan.

Stop Paying Monthly Mortgage Insurance

If you’re currently paying monthly mortgage insurance, refinancing may allow you to tap into your home’s equity to eliminate the need to pay this monthly expense.

Trade Your Adjustable-Rate Mortgage (ARM) for a Fixed-Rate Mortgage

If you have an adjustable-rate mortgage, refinancing to a fixed-rate loan can lock in a low rate for the life of the mortgage, which may result in a significant cost savings.

Convert Your Home’s Equity to Cash

Cash-Out Refinancing allows you to turn your home’s equity into cash. You might use the equity to pay off debts, fund a retirement plan, purchase an investment property, make home improvements, or cover the cost of other large expenses such as college tuition.

Build, remodel, or renovate the home of your dreams.

Construction Loan Programs

A construction loan is a temporary line of credit that covers the cost of building a home or completing a major renovation project. With a construction loan, funds are paid by the lender to a contractor – not the borrower – as construction project milestones are reached. After construction is complete, the loan is either converted to permanent financing or paid in full.

Financing that Works for You

Talk to us about what your plans for your new home, and we’ll help make it happen. Our construction loans can be used to purchase a lot and finance construction, or build on land you already own. You can also use a construction loan to make extensive renovations to your existing home, finance a fixer-upper, or even tear down and rebuild your dream home from the ground up.

See this page for more information on Construction Loan Programs