Choosing a Loan Program

Loan Officer with Couple

There isn't a single or simple answer to this question. The ideal mortgage for you depends on many different factors:

  • Your current financial profile
  • Expected financial changes
  • How long you intend to keep your house
  • How comfortable you are with your monthly payment changing

For example, a 15-year fixed rate mortgage can save you thousands of dollars in interest payments over the life of the loan. An adjustable rate mortgage allows for payment flexibility.

The best way to find the "right" solution is to discuss your finances and intentions with a mortgage professional. Contact us today!

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Conventional Mortgages

Products and Programs

At HarborOne Mortgage, our goal is to provide timely, accurate information to help you find the ideal mortgage. Our team is here to listen to your questions and craft solutions that meet your short and long term financial goals.

Fixed Rate Mortgages

This is the most popular option for homeowners. As the name suggests, the interest rate on the mortgage is fixed for the life of the loan. 

Pros:

  • Rate is guaranteed. You are protected in a rising rate environment.
  • No increases in P&I payment over the life of the loan. Get comfortable with payment over time.

Cons:

  • Lower payment options exist with non-fixed rate products.

Adjustable Rate Mortgages (ARMs)

ARMs have played a significant role in the expansion of homeownership across America. By offering lower initial payments, buyers find they can afford more home with an ARM. 

Pros:

  • Lower rates than fixed rate products. This equates to lower monthly payments in the early years of the mortgage.
  • You may qualify for a larger loan amount which expands the inventory of affordable homes.
  • If rates drop, your ARM could adjust downward resulting in lower payments.

Cons:

  • There is risk with adjustable features such as rate caps, index, and margin.
  • Potential rate increases in the future. ARM rates can adjust at predetermined intervals. Failure to plan for this can lead to payment shock.
  • Lifetime caps are typically as high as 5% or 6% over the initial interest rate. Analyze your situation and how that could impact your finances.

Specialty Programs

HOME offers a wide variety of other mortgage programs including:

  • FHA 203K Limited Repair Program
  • FHA 203K Full Repair Program
  • Fannie Mae RefiNow
  • Construction Loans - Purchase or Refinance
  • Seasonal Second Homes
  • VA IRRRLs
  • FHA Streamlines
  • Non-Warrantable Condominiums

Jumbo Mortgage

If you are shopping for a mortgage in a high-cost area or buying a large and expensive home, you may be looking for a jumbo loan.  This is a loan amount that's too big to fit in conventional conforming loan limits.  You may have also seen other names for a jumbo loan such as a non-conforming loan or a high balance mortgage.

Jumbo mortgages are loans that exceed the allowable loan limits set by the FHFA (Federal Housing Finance Agency). Currently, the maximum “conforming” loan amount is $548,250 in most areas. Certain markets in our lending area qualify for a temporary increase in the conforming loan limit a/k/a conforming jumbo…ask your loan officer for details.

If you are in the market for a jumbo mortgage, it's essential to choose a lender with experience dealing with the special requirements of jumbo loans.  HarborOne Mortgage has that experience.

HarborOne Mortgage offers jumbo, non-conforming loan options in a variety of categories and our Mortgage Originators are eager to help you quickly determine which one is right for you

Construction Mortgage

HarborOne Mortgage offers Construction Loans that are used to acquire land and build a home, or to build a home on land that you already own.

Loan terms are interest-only payments during construction for the first 12 months.  Then the loan turns to fully amortizing payment for the remaining life of the loan (14 or 29 years).

HarborOne Mortgage offers a practical construction financing product with a very competitive interest rate.  Please contact a Mortgage Originator today to discuss rates and terms

First Time Homebuyer

First time homebuyer costs can seem overwhelming. But, luckily, there are several options for assistance with your down payment and closing costs, including charitable and government-sponsored programs. Local and federal tax credits can also help.  Additionally there are educational programs offered by local agencies that can offer help along the way

HarborOne Mortgage is a proud partner with the following state housing programs:

Goverment Loans

FHA Mortgages

An FHA loan is a mortgage loan insured by the Federal Housing Administration. FHA loans allow for enhanced credit features and lower down payment, making it an affordable option. Down payment may be in the form of a gift.

VA Mortgages

Qualified individuals are eligible for 100% financing thanks to the Loan Guaranty program from the Department of Veteran’s Affairs. HOME is proud to service our military homebuyers.

Rural Housing Mortgages

Insured by USDA, this 100% financing program is available in areas designated 'rural'. Rural housing has enhanced credit features with no out of pocket funds required. This product has income and geographical restrictions.

State Housing Programs

Many states offer an affordable housing program. HOME has been an advocate of these programs and participates in providing this financing. State Housing Programs are typically geared towards first time homebuyers (defined as applicants who have not owned a home in the past three years). Certain target markets have more flexible parameters.