Spencer Brinjak

Home Lending Advisor

You can choose from various types of mortgage loans to finance your home purchase. These come with various benefits, and I am here to help you understand the differences so you find one that best suits your financial situation.
"I'll help you to both achieve and sustain home ownership."
Home Lending Advisor
NMLS ID: 1474078
Phone:
Address:
1820 E Sky Harbor Cir S
Phoenix, AZ 85034
US

Loan Types

The Benefits

Simply put, a conventional mortgage is a loan that's not backed by a government agency such as the Federal Housing Administration (FHA) or Veteran Affairs (VA). There are two types of conventional loans: conforming and nonconforming. Conforming loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). When a loan doesn't follow these lending rules, it's considered non-conforming. There are a number of factors that may cause a loan to be non-conforming, generally loan amount is a key factor.

Things to Consider

While a 30-year, fixed rate mortgage is a popular conventional loan, you have other options such as a 15-year fixed rate loan or a 7/1 ARM to name a few. Think about your current budget, as well as your longer-term financial goals as you plan.

The Benefits

A jumbo loan is a mortgage for a more expensive property. The maximum amount for a jumbo loan at Chase is $3 Million. We also offer loans up to a $1 Million on investment properties.

Things to Consider

You need to have a minimum credit score and a certain amount of cash to qualify.

The Benefits

A DreaMaker mortgage has down payment options as low as 3% and lower monthly payments with a 30-year fixed rate.

Things to Consider

You'll need to meet income requirements to qualify for this loan.

The Benefits

An FHA mortgage is a government-insured loan that offers down payments as low as 3.5%. FHA loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate.

Things to Consider

While there are no specific income requirements to qualify, you will have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing.

The Benefits

A VA loan has low or no down payment options and no mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.

Things to Consider

You or your spouse must be a veteran, active duty service member or a member of the National Guard or Reserve to qualify for a VA loan.

The Benefits

Term Length: Mortgage loans vary in length, typically from 10 to 30 years.

Fixed- Rate Mortgages: A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market. A consistent interest rate usually means you'll have a consistent mortgage payment too.

Adjustable-rate Mortgage (ARM): An ARM loan has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts every year. For example, a 7/1 ARM has an introductory interest rate for the first 7 years and then resets every year after that for the loan term.

Things to Consider

Term Length: The duration of the loan will impact your monthly payment. For example, the shorter the loan term, the more you're likely to pay each month. As you explore options, think about your down payment, your monthly budget and plan accordingly.

Fixed- Rate Mortgages: While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. As you weigh your options, you may want to ask yourself, "Is this my forever home, or just a place where I'll live for a few years?" That may help you determine if a fixed-rate loan is right for you.

Adjustable-rate Mortgage: While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends—possibly hundreds of dollars a month. Rate caps limit the amount your interest rate can rise, but make sure you know what your maximum payment could be.

Frequently asked questions
When is it time to stop renting and buy a home?
When debating between renting vs. buying, you need to think about your lifestyle and finances. While renting can provide more flexibility, owning a home enables you to build equity in the property and may provide tax benefits.
How do I start the homebuying process?
Here are some steps to help you prepare to buy your first home:
• Pay attention to (and improve) your credit score
• Use our Affordability Calculator to see how much home you can afford
• Save money for a down payment
• Save for additional home buying costs (inspections, insurance, deposits, etc.)
• Get prequalified for a mortgage loan
• Find a Home Lending Advisor
• Find a real estate agent
• Start looking for homes!
Can I buy a home if I have less than perfect credit?
We may be able to help you buy a home, even if your credit isn't perfect. Keep in mind that lenders don't just look at your credit history, but also at your ability and willingness to pay in the future
How can I get information on mortgage loan options?
At Chase, you can choose from several types of mortgage loans to finance your home purchase. A Home Lending Advisor can help you understand the differences between the various loan options so you find one that best suits your financial situation.
What documents will I need to apply for a mortgage?
Traditional loans usually require documents that verify your employment, income and assets, and may include:

• Your Social Security number
• Pay stubs for the last two months
• W-2 forms for the past two years
• Bank statements for the past two or three months
• One to two years of federal tax returns
• A signed contract of sale (if you've already chosen your new home)
• Information on current debt, including car loans, student loans and credit cards

About Spencer Brinjak

The NMLS ID is a unique identification number that is issued by the Nationwide Mortgage Licensing System and Registry (NMLS) to each Mortgage Loan Originator (MLO).

A 3% down payment on a 30-year, fixed-rate loan of $153,158 with an interest rate of 4.625% / 4.693% APR will have 360 monthly principal and interest payments of $787.45. Payments shown do not include taxes and insurance. Actual payments will be higher. This is assuming a New Jersey purchase transaction, 45-day lock, 97% LTV, 720 FICO, detached single family, owner-occupied, closest to zero points, rates change daily.

A 3.5% down payment on a 30-year, fixed-rate loan of $153,158 with an interest rate of 5.125% / 5.195% APR will have 360 monthly principal and interest payments of $833.93. Payments shown do not include taxes and insurance. Actual payments will be higher. This is assuming a New Jersey purchase transaction, 45-day lock, 96.5% LTV, 720 FICO, detached single family, owner-occupied, closest to zero points, rates change daily.

Rate, points and APR may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply. Rates shown are not available in all states.

Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only. Speak with a Chase Home Lending Advisor for more specific information. Message and data rates may apply from your service provider.

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

Home lending products offered by JPMorgan Chase Bank, N.A.