Your mortgage experts serving North Dakota, South Dakota, Minnesota, Arizona, Montana
NMLS# 2106984 | NMLS# 1387808
We Provide All Types Of Loans To Suit Your Needs
Types of Mortgages
30-Year fixed-rate Mortgage:
The 30-year fixed-rate mortgage is a home loan with an interest rate that is set for the entire 30-year term.
*Most popular home loan
*Interest rate never changes
*Lower monthly payment than with shorter-term loans
Best for: Home buyers who want the lower monthly payment that comes from stretching out repayment over a long time. The fixed rate makes the payment predictable. A 30-year fixed offers flexibility to repay the loan faster by adding to monthly payments.
15-Year fixed-rate Mortgage:
The 15-year fixed-rate mortgage has an interest rate that remains the same over its 15-year term.
*Often used for refinancing
*Interest rate is set for the life of the loan
*Lower interest rate than with longer-term loans
*Higher monthly payment than with 30-year loans, with less total interest paid
Best for: Refinancers and home buyers who want to build equity and pay off the loan faster. Payments are predictable because the interest rate does not change. Because the borrower pays interest for fewer years, total interest payments are less.
Temporary Buydown Mortgage:
Buyers now have access to a new product which can lower mortgage payments by reducing their interest rate for the first 1-3 years of their loan, potentially saving them thousands of dollars on their payment.
Best for: Home buyers get added flexibility in the first few years of homeownership. They can use the extra cash for home improvements, unexpected expenses or even to pay down a debt.
Reverse Mortgage:
A reverse mortgage allows home owners to convert part of the equity in their home into cash without having to sell their home. This is a loan where home owners are borrowing against the equity while still being able to keep the title.
Best for: Home buyers over the age of 62 who have significant equity in their home and are looking to supplement their income.
Adjustable-Rate Mortgage:
An adjustable-rate mortgage is a home loan with an initial rate that is fixed for a specified period, then adjusts periodically. For example, a 5/1 ARM has an interest rate that is set for the first five years and then adjusts annually.
*Initial “teaser rate” is lower than on most other loans, giving comparatively lower monthly payments at first
*Initial rates can often be locked for one, five, seven, or ten years.
Best for: Home buyers who do not plan on having the mortgage for a long time, or who believe interest rates will be lower in the future.
FHA Mortgage:
An FHA mortgage is a home loan insured by the Federal Housing Administration. FHA loans are backed by the government and designed to help borrowers of more modest means buy a home.
*Allows down payments as low as 3.5%
*Credit Score as low as 500 can qualify.
*Mortgage insurance premium payments are required.
Best for: Borrowers with lower credit scores and a down payment less than 20%.
VA Mortgage:
VA loans are mortgages backed by the Department of Veterans Affairs and are available to military service members and veterans.
*No down payment required
*Upfront VA funding fee required
*No mortgage insurance
Best for: Military-qualified borrowers who appreciate a low interest rate and no down payment minimum.
USDA Mortgage:
USDA home loans are mortgages backed or issued by the U.S. Department of Agriculture.
*No down payment is required on most properties.
*Home improvement loans and grants are also available.
*Income limits and property value caps apply.
Best for: Income-qualified buyers in rural and some suburban areas who want a low or zero down payment.
Jumbo Mortgage:
Jumbo home loans are mortgages above a certain dollar amount. Jumbo loan limits vary by county and are adjusted periodically.
*Can have fixed or adjustable rates
*Often require a credit score of 700 or higher
*Usually require a down payment of 10% or more.
Best for: Buyers of expensive homes and owners who want to refinance jumbo-size mortgages.
NDHFA:
The North Dakota Housing Finance Agency (NDHFA) offers individuals the down-payment and Closing Cost Assistance (DCA) Program. With this program, the NDHFA aims to help low-income, first-time homebuyers meet their out-of-pocket cash requirements
*Great for first time buyers
*Assists with down payments and closing costs
*Makes homeownership more attainable
Best For: Low- to moderate-income homebuyers and any income-eligible individuals needing help with down payment and closing cost assistance.
Non-Traditional Mortgage:
Non-traditional mortgages include a variety of creative lending options. This includes bank statement underwrite programs that allow clients who do not qualify because of self-employment taxes to become eligible, Investor Cash Flow “No Income” for borrowers with who want to invest, Portfolio Select for borrowers with foreclosures, bankruptcy and short sales and Asset Qualifier, which offers the opportunity to obtain a mortgage with no employment, no income, and no debt-to-income ratios.
*Helps those who do not qualify for traditional mortgages
*Assist individuals who have been declined at other banks
*Low-payment options, which are fixed rate mortgages
Best For: People who do not qualify for traditional mortgages (such as those with seasoned bankruptcy, foreclosures and short sales), investors, and self employed borrowers
Other Mortgage Terms
Conventional mortgages: Lenders use the term conventional mortgages to describe loans that are not backed by the government.
Non -Conforming mortgages: Another industry term, which defines a mortgage that meets local loan limits, as set by the government. See the differences between conforming and nonconforming mortgages.
Government-backed mortgages: Loans guaranteed by the Department of Veterans Affairs (VA loans), FHA-insured loans and loans backed or issued by the Department of Agriculture (USDA loans).
Reverse mortgages: A way to unwind equity in a home as a lump sum or stream of income, for homeowners over age 62. See how reverse mortgages work and how seniors use them.
NDHFA Down-payment and Closing Cost Assistance Program:
The North Dakota Housing Finance Agency (NDHFA) offers individuals the down-payment and Closing Cost Assistance (DCA) Program. With this program, the NDHFA aims to help low-income, first-time homebuyers meet their out-of-pocket cash requirements. The North Dakota Housing Finance Agency (NDHFA) created the Start Program to help make the home purchasing process more affordable for low- to moderate-income homebuyers. Income-eligible individuals can apply for home mortgages that come with down payment and closing cost assistance.
Contact Information
ADDRESS:
1110 College Drive Suite 207,
Bismarck, ND, 58501
NMLS# 2106984
NMLS# 1387808
Business Hours
- Monday
- -
- Tuesday
- -
- Wednesday
- -
- Thursday
- -
- Friday
- -
- Saturday
- Appointment Only
- Sunday
- Appointment Only
Visit Our Location
Assure Home Mortgage is individually licensed in each state mentioned and is sponsored by mortgage brokerages in MN and AZ.