Primary Mortgage LendersA primary mortgage is essentially a mortgage you obtain through your local bank or credit union. The type of loan programs offered is usually limited to a few conventional fixed rate loans and maybe a single ARM (adjustable rate mortgage) program. The downside to primary mortgages is they can require a larger down payment, ranging from 10 to 20 percent of the purchase price, which does not include closing costs.
Secondary Mortgage LendersThe best example of a secondary mortgage lender is a mortgage broker who works with numerous lenders offering a wide range of loan programs, like we do, here at Elite Financial. Loan program options can include:
- First-Time Buyers
- ARM, and More!
Plus, there are programs for home buyers who have had credit problems in the past. To learn more about our available mortgage loan programs, please feel free to contact Elite Financial at 805-494.9930 today!