15, 20, 30 Year Fixed Loan
30 Year FixedA 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
20 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type of loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lesser rate.
15 Year FixedThis type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type of loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed", the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.
5% down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply)
Don't wait! Find out about your options today!
Our Happy Clients
"Thank you to All Western and specifically Loan Officer Eric Gut and his Team for the great support in obtaining our mortgage loan. For self-employed persons, the mortgage loan process can be a real challenge and test of everyone's patience. Eric and his Associate, Samantha Russo, know the process very well, navigated the obstacles and kept their cool -- resulting in getting the loan completed and making us very happy customers. Thank you again!"
" I recently used All Western Mortgage for a loan on a new house I purchased and had a great experience. They had the most competitive rates and their process was so easy. The mortgage process is something I’m not very familiar with and Eric and Tory really took the time to help me understand my options and guide me in the right direction. They were extremely helpful throughout and were always available and easy to reach whenever I had questions. We even closed on my loan earlier than expected! If you’re looking for truly great service with people who actually care to help, I highly recommend All Western Mortgage."
"I had an excellent experience working with Mr. Gut. He was very cordial and professional, and patient when explaining complicated matters. Great customer service is hard to find, but Eric delivers. I will definitely do business with him again!"
"I had to find a lender to close on a house quickly and came across All Western Mortgage online. It was my first time applying online, but they made me feel very comfortable with everything and got my loan done in a few weeks!"