Do You Know What Your Mortgage Loan Options Are?

Owning a home has become a huge part of the American dream. But do you know what it takes to own a home? There are several different factors that go into homeownership and one of those is choosing the perfect mortgage loan. We're helping current and future homeowners understand their mortgage loan options and the steps it takes to buy or refinance.

I Want to Buy a Home — What Do I Do First?

We always recommend knowing your buying power before visiting any properties. A pre-qualification from Hughes will help you understand your current financial standing as well as determine whether you fit a basic financial criterion for a home loan. Our mortgage loan officers will provide you with professional guidance and help find the best loan product for you. Armed with this information, a REALTOR® will be able to help you shop for the perfect home based on what you have been pre-qualified for. Click here to apply for a pre-qualification online!

Want to run a few numbers and check how much home you can afford? Calculate your future mortgage payments using our financial calculators.

Types of Loans Offered at Hughes

• Conventional — The most common type of mortgage loan is available in 15 or 30-year terms for both purchase and refinance. We currently offer this loan with a $0 application fee and with a closing cost discount. Conventional loans do not require private mortgage insurance (PMI) for a borrower with a down payment of at least 20%. 
• Adjustable-Rate Mortgage (ARM) — Adjustable-rate mortgages offer potential savings at the beginning of the loan. Once the loan rate adjusts based on the terms of the loan, the mortgage payment can increase or decrease depending on the benchmark interest rate index. This is an ideal mortgage type for members who plan on relocating or refinancing their mortgage in a few years.
• FHA Loan — This is a government backed mortgage loan option ideal for buyers with limited savings and with lower credit scores. The Federal Housing Administration (FHA) insures your loan and allows down payments as low at 3.5%.
• VA Loan — This is another government backed mortgage loan option for qualified U.S. veterans, active-duty military personnel and surviving spouses. It requires no down payment or mortgage insurance with competitive rates. 
• HELOC — For those that already have a mortgage loan and are looking to make home upgrades or pay down debt can turn to their home’s equity. Let the equity of your home increase the value of your home, and easily access your HELOC funds using your Hughes checking account. Borrow $10,000 to $250,000 and enjoy flexible terms and low adjustable rates — with no prepayment penalties. FOR A LIMITED TIME: Hughes is waiving fees (up to a $915 value) for all new HELOC applications.

Are you ready to start your homeownership journey? We’re here to help! Apply for a mortgage online or in person. We can even help you finance a second home or a manufactured home.

Realize your dream of homeownership with Hughes!