Buying a Home?
Sunmark has great options available for both first-time buyers and existing homeowners. Our friendly, local mortgage staff will work with you to secure the mortgage that best suits your needs.
Thinking About Refinancing?
Want more money in your pocket? Sunmark may be able to help! By refinancing your mortgage with Sunmark, you may be able to take advantage of low interest rates and lower your monthly payment.
Types of Mortgages
Sunmark offers a variety of different types of mortgages to choose from for any situation. We’ve provided some information here to help educate you on the types of mortgage loans that we offer. If you have questions about what mortgage may be right for your specific needs, feel free to contact our mortgage team to schedule a meeting with one of our mortgage consultants.
In general, mortgages with lower terms have lower interest rates making it possible to build equity in your home faster, which can let you move up to a more expensive home or save in preparation for retirement or a child’s education more quickly. Sunmark mortgages have no prepayment penalty, so you can pay principal if you have extra cash.
If you’re having difficulty deciding between two mortgage terms, you might want to consider taking out a longer mortgage term to give your budget the flexibility of having a lower payment requirement — just in case — while still giving yourself the option of paying additional principal since there is no prepayment penalty.
30 Year Fixed Mortgage: This mortgage, offering a low fixed rate for a 30-year term, is ideal for buyers who want stable payments and the lowest possible payment. This mortgage option provides maximum interest deduction for tax savings and may require a lower down payment than some of the shorter term fixed rate mortgages.
20 Year Fixed Rate Mortgage: This mortgage, offering a low fixed rate for a 20-year term, is ideal for those who want a lower monthly payment than the 15-year fixed rate mortgage and/or want tax benefits, at least in the early years, that are comparable to the 30-year term, but still want to pay less interest over the life of the loan than would be the case on a 30-year fixed rate mortgage. It also may be easier for some to qualify for a 20-year loan than shorter term mortgages.
15 Year Fixed Rate Mortgage: This mortgage, offering a low fixed rate for a 15-year term, is ideal for someone who has a large down payment or substantial equity, but finds a 15 year payment more affordable than the 10 year payment.
10 Year Fixed Rate Mortgage: This mortgage, offering a low fixed rate for a 10-year term, is ideal for buyers who have a large down payment and want to build equity in their home quickly.
7 Year Fixed Rate Mortgage: This mortgage offers a low fixed rate for 7 years. Like the 5 Year Fixed Rate Mortgage, it is ideal for those who have equity of 30 percent or more in their home or 30 percent or more to use as a down payment. Both offer exceptional rates with a short term mortgage commitment.
5 Year Fixed Rate Mortgage: This mortgage, offering a low fixed rate for 5 years, is ideal for those who have equity of 30 percent or more in their home or 30 percent or more to use as a down payment. It is an excellent option for those moving into the area that have to reinvest the proceeds from the sale of a previous home.
An Adjustable Rate Mortgage (ARM) typically offers a lower initial interest rate than a fixed-rate mortgage. The interest rate is fixed for an initial time period; after the initial period, ARMs adjust up or down periodically, depending on how interest rates have moved since the loan was taken out and according to the annual and lifetime caps (maximums) and the floor (minimum) as set forth in the specific loan terms.
An ARM may be right for you if you plan to stay in your home for a short period of time, or if you want to qualify for a larger mortgage amount because you expect your income to go up over time.
3 Year Adjustable Rate Mortgage: This adjustable rate mortgage offers a fixed payment for the first three years; after the initial three years, your payment can adjust up or down annually thereafter depending on market conditions.
5 Year Adjustable Rate Mortgage: This adjustable rate mortgage offers a fixed payment for the first five years; after the initial five years, your payment can adjust up or down annually thereafter depending on market conditions.
7 Year Adjustable Rate Mortgage: This adjustable rate mortgage (ARM) offers a fixed payment for the first seven years; after the initial seven years, your payment can adjust up or down annually thereafter depending on market conditions.
State of New York Mortgage Agency (SONYMA) mortgages offer loan programs to assist first-time homebuyers with the purchase of a home in New York state. SONYMA mortgages feature:
- Competitive interest rates
- Low down payment requirements
- Flexible underwriting guidelines
- No prepayment penalties
- Down payment assistance
These features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.
These loans are guaranteed and administered by the Federal Housing Administration (FHA). FHA loans have a low 3.5% down payment and that money can come from a family member, employer or charitable organization as a gift. FHA loans have competitive interest rates because the Federal government insures the loans. An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home or a condominium unit. You don’t have to have a perfect credit score to get an FHA mortgage. In fact, if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
These loans are guaranteed and administered by the Department of Veterans Affairs and are available to qualified individuals who have served in the armed forces. If you’re a qualified veteran and wish to purchase a home, a VA loan may be right for you. For more information, check out the VA’s Home Loan Guaranty program online.
Are you building a home? Sunmark offers construction loans with up to 100% financing available. We offer both construction and end loans, depending on the needs of your homebuilder and your budget timeline.
- 12 months build time
- Low rates and fees
- No down payment needed
Home renovation goals sometimes require more than one loan. If you’re looking to accomplish major home renovations, Sunmark has one answer: our 203(k) Rehab loan.
- One application
- One closing
- One set of closing costs
Accomplish your renovation ideas and create your dream home! A few ideas:
- Add more living space
- Remodel kitchens and bathrooms
- Replace flooring, siding, gutters, roof, & more
- Upgrade heating and cooling systems, electrical, & more
Have you been dreaming of buying a home, but find that you don’t have enough saved for a down payment? Sunmark has mortgage programs for credit qualified individuals looking to finance up to 97% of their mortgage. If you’re just starting out or starting over and have limited funds available for a down payment, you may want to consider this option. Contact us for more information.
Homeowners choose to refinance their mortgages for a variety of reasons:
- Lower interest rates
- Take advantage of an improved credit rating
- Draw on equity they have already built into their home, for debt consolidation or home improvements
In addition to offering all of the above options to homeowners who want to refinance their mortgages, Sunmark can also refinance your first mortgage into a second mortgage if you have built up equity in your home. Basically, this means that we will pay off your first mortgage and roll it into a home equity loan in which Sunmark is the first lien holder. Learn more about Sunmark’s Home Equity Loan and Home Equity Line of Credit options.