Mortgage Loan Products
Our multi-lender approach offers more convenience and flexibility.
We’ll do the comparison shopping for you! SIRVA Mortgage offers loan options from the nation’s top mortgage lenders to ensure you get the most competitive rate and loan terms available. And as a mortgage loan banker, we have control over the entire process to ensure timely and consistent service.
Common product types:
Fixed Rate Mortgage Loan
The interest rate is fixed for the life of the loan, protecting against rising interest rates. The mortgage loan is generally available in 10, 15, 25, and 30 year terms and is fully amortized during the set term period. This type of loan is best suited for longer-term purchases or more conservative buyers.
5 or 7 Year Balloon Loans
This is a 30-year amortized loan with typically a 5- or 7- year “balloon” or “payment on demand” clause. The interest rate is fixed for the 5- or 7-year period and the principal and interest payments are based on a 30-year amortization term. After the 5- or 7-year period, the outstanding principal balance or balloon payment is due and payable. On the maturity date of the initial 5- or 7-year period, qualified borrowers may be offered an option to modify or fix the rate for the remaining 23 or 25 years of the loan. This type of loan is often used when the possibility of relocation in the next 5 to 7 years is high.
Interest Only Programs
One of the newest mortgage loan programs available, an interest only loan allows you to pay only the monthly interest portion of your mortgage payment for a specific period of time. Interest only options are available on 30 Year Fixed Rate Programs (interest only for a period of 10 years) and on all of our ARM programs (interest only for the initial fixed term). Since only the monthly interest is being paid, this program lets you make significantly lower monthly mortgage loan payments, allowing you to free up extra cash and/or qualify for a larger loan amount.
3, 5, 7, 10 Intermediate Adjustable Mortgage Loan Programs
Intermediate Adjustable Rate Mortgages (ARMS) are fixed for the initial terms with typically 3,5,7 or 10 years. After the initial period, the loan will adjust monthly based on a predetermined index and margin. Interest rate adjustments are capped for each adjustment period as well as for the life of the loan. This program is an excellent choice if you do not plan on being in your new home longer than the initial fixed period or if you predict that interest rates will be decreasing in the future. In addition, initial interest rates for these loans are typically lower than standard fixed rate programs, enabling you to qualify for a larger loan and/or enjoy a lower monthly mortgage payment.
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