The result is a loan tailored to meet your needs rather than meeting the requirements of a single lender. Our lenders understand that they are competing to do business with Enterprise Lending Group. This favorable position translates to optimal financing for you, our client. We are compensated by the lender on a predetermined basis which is not dictated by your interest rate.
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Need financing options on a home, or other real estate?
Choosing a purchase loan product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE pre-approval letter request.
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of "43/49."
This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment).
Choosing a purchase loan product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE pre-approval letter request.
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of "43/49."
This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment).
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change.
This may be a good choice if you plan to stay in your home for seven years or longer.
If you plan to move within seven years, then stable-rate loans are usually cheaper.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 30-Year Fixed Rate Mortgage Qualifier.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans.
This may be a good choice if you plan to stay in your home for seven years or longer.
If you plan to move within seven years, then stable-rate loans are usually cheaper.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 30-Year Fixed Rate Mortgage Qualifier.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans.
This loan is fully amortized over a 15-year period and features constant monthly payments.
It offers all the advantages of the 30-year loan, plus a lower interest rate and you'll own your home twice as fast.
The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment.
Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.
This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
It offers all the advantages of the 30-year loan, plus a lower interest rate and you'll own your home twice as fast.
The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment.
Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.
This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
An ARM is an Adjustable Rate Mortgage.
Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically.
The initial interest rate of an ARM is lower then that of a fixed rate mortgage, consequently, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is to high.
We're here to make it a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Adjustable Rate Mortgage Qualifier.
Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically.
The initial interest rate of an ARM is lower then that of a fixed rate mortgage, consequently, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed mortgage is to high.
We're here to make it a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Adjustable Rate Mortgage Qualifier.
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).
Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We're here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We're here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
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