Fox Valley Wells Fargo Home Mortgage Lender Wells Fargo Mortgage Loan Products
Different Types of Mortgage Loan Products
Fixed Rate Mortgage - Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan. Protection from rising interest rates. Lower monthly payments than with a 30-year fixed-rate mortgage.
Adjustable Rate Mortgage - Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions. A variety of fixed-period options ranging from one to ten years
Balloon Mortgage - Borrowers will need a construction loan if they intend to purchase a home in a new development or if they are building a custom home. Construction loans are necessary because of the longer time frame and special requirements of the building process.
Home Equity Loan - A home equity mortgage can either be a line of credit or a fixed payment. The interest is tax deductible. Interest rates and payments can change.
Flex/Fixed Mortgage - Temporary interest rate buy-down of up to three percentage points. Lower initial monthly payments than for a typical fixed-rate loan. A larger loan amount for more buying power
Purchase & Renovate - The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of the home after improvements are made. Your renovation costs are spread throughout the entire term of the loan-so your monthly payments may be lower than other financing options.
Shop, Rock and Roll - Shop for a home with confidence because you are approved for your mortgage — meaning we’ve let you know how much you can borrow. By locking, you're protected from financial market fluctuations. If financial markets improve, you may request a one-time option to float down to a lower level of rates.