Think of a mortgage originator as your guide to getting a home loan. They're the person or company that works with you to apply for and secure your mortgage. From gathering your financial information, assessing what you can afford, to setting you up with the best loan for your situation, they handle it all. Mortgage originators are the starting point in your home-buying journey, making sure you're on solid ground right from the start. At RJP Mortgages, our originators are dedicated to finding you the perfect loan that fits your life and your dreams.

 A purchase loan is what you apply for when buying a new home. Refinancing, on the other hand, involves replacing your existing mortgage with a new one—usually to take advantage of lower interest rates, reduce monthly payments, or tap into your home equity for large expenses. Refinancing can be a strategic financial move to save money over time or adjust your loan terms to better suit your current financial situation.

Most Common type of fixed rate mortgages 

The 30-year mortgage 

You will pay more in interest. Longer mortgage means more interest charged. This is how banks and other lenders make their money. They loan you, the borrower, money and collect their interest over the 15 or 30 years it takes you to pay it back. 

Your monthly payment will likely be lower. Because you are spreading out your payments over a longer period of time, they will almost always be lower with a 30-year mortgage. If your monthly budget is tight, this may be a better way to go. 

Conventional loan options:

• Primary
• Second home
• Investment
• First time home buyer
• Children with elderly parents
• Parents with full time college students

How Conventional Loans Work

Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. With a Fixed Rate Mortgage, your interest rate will never change, even if market rates increase! Your payment will not change throughout the life of the loan. 
Your actual payment will vary based on your situation and the current interest rates when you apply. Pay your mortgage off at any time without pre-payment penalties.  
 

Have questions? One of our mortgage specialists would be happy to answer all your questions. 

An FHA loan provides a government-insured loan with flexible loan options. Even experienced homeowners may need to plan for a long time for a new home purchase. Fortunately, FHA loans may help some buyers get into the home of their dreams with a lower down payment. 

FHA loans are mortgages backed by the U.S. Federal Housing Administration. Lenders, such as banks and credit unions, that provide FHA loans provide funding for home purchases while requiring a lower down payment. Buyers may get into a new home with as little as 3.5% down. 

Using conventional loans, a lower down payment requires the borrower to get private mortgage insurance. This special type of insurance protects the lender just in case the borrower is not able to pay. The cost of PMI is added to the monthly payment until the amount of the loan reaches 20%. FHA loans, on the other hand, do not require PMI because they are backed by the U.S. government. Additional scrutiny is often required during the loan application process using an FHA loan. 

What is required for an FHA loan? 

Many of the same documents are required for an FHA loan that any potential lender will want to see: employment history, appraisal, debt-to-income ration. A few additional stipulations are also attached to the FHA loan process. Buyers may have to bring 3.5% of the purchase price as a down payment, more if they have a credit score below 580. FHA loans are only available for the borrower’s primary residence. 

Credit requirements may also be lower for FHA loans, given other factors demonstrate that the borrower is able to manage their money responsibly. Each lender looks at individual applications and may ask for additional documentation or explanations. They are often able to work with buyers with a lower credit score or shorter credit history than in other situations.

How FHA Loans Work 

Purchase your home with as little as 3.5% down payment (compared to 20% required on most loans). 
30-, 25-, 20- and 15-year terms are all available with fixed rates. 
5-year adjustable-rate mortgage available. 
Pay your mortgage off at any time without pre-payment penalties. 

Have questions? One of our mortgage specialists would be happy to answer all of your questions. 

As a benefit of your service, the Department of Veterans Affairs offers unique resources to help those with military experience purchase a home with a low or zero down payment. VA Loans offer flexible options as either Fixed Rate or Adjustable Rate mortgages. 

VA loans are available and provide the buyer the chance to finance 100% of the purchase price of the home. This means no down payment is required. It is important to note that buyers will still need to qualify for the loan. This means that lenders will look at their credit and ability to pay the mortgage. If you are in a troubling financial position, a lender may want to see you pay down debt or save up money before they are willing to give you the loan. 

You may also be responsible for closing costs, such as recording the title or paying lawyers to draw up all paperwork. This is negotiable with the seller and something to discuss with your realtor before making an offer on a home. 

How VA Loans Work 

Purchase your home with as little as 0% down payment. 
30-, 25-, 20- and 15-year terms are all available with fixed rates. 

• 5-year adjustable rate mortgage available.

Jumbo VA loans available 

• VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA loans. 
• No monthly PMI (Private Mortgage Insurance). 
• VA loans are governed by the U.S. Department of Veterans Affairs. 
  Pay your mortgage off at any time without pre-payment penalties. 
• Have questions? One of our mortgage specialists would be happy to answer all of your questions. 

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. We’ll help you clearly see differences between reverse mortgage options, allowing you to choose the right one for you.