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Types of Loans

 Thirty-Year Fixed Rate Mortgage
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 adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
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.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Construction Mortgage

Everyone has their own idea of what the perfect home is like, but let's face it- they're not always available on the market. This custom-tailored loan product offers you all the chance to both build and finance the home of  your dreams- all with just one application and one closing. Features and benefits include: consolidate construction and purchase for only one set of closing costs and fees; pay just interest-only payments during construction; option to avoid requalification post-construction available; loan amounts up to $453,100, or more in high balance areas; rate can be locked at any time during the loan application/process; simple and flexible draw process with no set schedules; and renovations available on existing homes.


Federal Housing Administration (FHA) Mortgage

The Federal Housing Administration (FHA) loan program has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It offers a low-down payment, seller-paid contributions up to 6% of the sales price, down payment accepted from borrowers’ own funds or approved gift source, and no prepayment penalty and may be assumable. You can purchase, refinance, or do a streamline refinance.


Federal Housing Administration (FHA) 203 (K) Renovation Home Loan

A 203(K) can help to: remodel a kitchen or bath; add a family room or extra bedroom, make needed electrical or plumbing repairs, replace leaky roof, and add pole barn. Eligible properties are: single family homes, owner occupied with a minimum of $5,000 in repairs. The property or foundation must have been in existence for at least one year.

Veterans Affairs (VA) Mortgage
The Veterans Affairs loan program has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It overs favorable loan terms and rates to veteran borrowers. Some features and benefits include: no down payment required, no monthly mortgage insurance, and funding fee may be exempt.

Rural Development (RD)/USDA Mortgage
The Rural Development loan program has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It offers favorable loan terms to give low-income borrowers the ability to purchase homes in rural areas. Some features and benefits include: no down payment required, closing costs may be financed on some transactions, and maximum seller concessions 6% of the purchase price. Property must be located in an eligible rural area. To find out if the property you are looking at is located in an eligible area, please visit: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

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100 W Midland St, Bay City, MI  48706
Toll Free:  (877) 381-3500
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