Mark Stillman Mortgage Team | Fixed Loans

15-, 20-, 30-Year Fixed Loan

30-Year Fixed

A 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 can 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 Fixed

This 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 Fixed

This 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 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.

Flexible Fixed

Fixed Rate also have flexible terms - you can pick the amortization. 11 years, 12 years, 13, years etc., whatever you want. The advantage to the flexible program for a refinance is that you can pick up where they left off with your current mortgage with a lower rate and do not need to restart the loan. Or, for purchases, you can select the payment you are most comfortable with -for example, maybe the 25 year payment was too much buy a 26 years was just right.

5% minimum down payment is typically required but there is a 3% down option for Purchases and no cash out Refinances if one of the borrowers is a first time homebuyer or they income qualify for the HomeReady or HomePossible loan programs.

Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-short-sale: Can Qualify after 2 years (LTV restrictions may apply)

"Mark Stillman made the refinance experience easy. He assisted with getting rid of the HERO loan and provided updates on the status of our loan. Any messages sent he replied in a timely fashion. My wife and I are very happy with the results. We will be using Mark again for our future purchase. I will be recommending Mark to my family and friends. Mark thank you for the excellent customer service."
~ Alfred Gallegos
"We had a fantastic experience working with Mark. Will refer all our friends, and will return to him in the future. He with very informed, very patient, and delivered on everything. Highly recommend!"
~ Joshua Ponsano
"Mark was patient working with me. When I did not like the terms of the first loan he diligently looked for another loan that matched exactly what I was looking for. He was able to pay of my hero loan, save me $150 on my mortgage payments, switch me from an FHA adjustable loan to a 30 year fixed conventional loan. I also got to skip two months of mortgage payments. Whenever I had a question he was quick to respond. I would highly reccommend Mark. Thank you!!!"
~ Chiere Bryant
"Mark handled all details professionally and in a timely manner. I was happy with the mortgage rate and with his prompt answers to all questions and concerns."
~ David Ellingson
"Mine was a refinance transaction that included paying off a HERO energy loan. Believe me, after shopping for brokers/lenders to work with, you must find someone who knows the ins and outs of dealing with this type of financing - energy efficient home upgrades repaid via your property tax billing. I certainly found one with Mark Stillman at Oso Creek Financial. Mark's advice was invaluable and he guided the transaction in a very professional way. I and my house are in Northern CA. Mark is in SoCal, but that never ever became an issue. Mark/Oso Creek utilized digital solutions that made everything super efficient."
~ Robert Steponovich
"Mark Stillman helped us refinance our mortgage. His experience, especially when dealing with a HERO program, was truly appreciated. He made the whole process quick & stress free. He was always available for any questions. I highly recommend his services."
~ Gloria Evangelista
"I worked with Mark to refinance our mortgage. He was ALWAYS available for any questions or concerns we had. Mark was very responsive and committed to making sure we were satisfied during the entire process. A huge thank you to Mark and his team."
~ C S
"Mark proved to be an amazing loan agent for our recent home purchase in Lake Arrowhead, CA. He was able to work with our circumstances and overcome many challenges the lending bank presented. Mark was informative, quick to respond, and in constant communication with our real estate agent. We would definitely recommend him to anyone looking to obtain a home loan and will absolutely use him again should we decide to refinance any time in the future."
~ James Londagin
"Mark did a great job sticking with me on a very difficult loan process. The entire process took almost a year and we had to research many options - but finally found one that made sense for me. Thanks so much!"
~ Ginny Scott
"Mark Stillman was focused, knowledgeable and efficient from beginning to end of the loan process. Early on, Mark listed required documentation to be submitted to underwriting. This was a refinance and Mark was very helpful in analyzing income to set a realistic goal for the loan amount."
~ Ole Pedersen

Fixed Rate Conventional Loans

15-, 20-, 30-Year Fixed Loan

30-Year Fixed

20-Year Fixed

15-Year Fixed

Flexible Fixed

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