HOME MORTGAGE SERVICES, INC. offers a variety of loan programs to meet each customers' individual needs. We work with the leading lenders in the industry to provide:

40/30/20/15 FIXED RATE MORTGAGES

Fixed Rate Mortgages are some of the most popular and conservative products offered in the Mortgage Industry.  The payment remains FIXED over the life of the loan, thus giving customers the security of a constant payment that does NOT fluctuate with current market conditions.  The mortgage terms can amortize over 15, 20, 30 or 40 years, dependant upon the customers preference.  The longer the amortization period, the lower the monthly payment. 

10/7/5/3/2 FIXED PERIOD ADJUSTABLE RATE MORTGAGES

Adjustable Rate Mortgage loans are typically amortized over a 30 year period and  remain fixed for a specified period over the 30 year period.  You may choose to have the interest rate fixed for 2, 3, 5, 7 or 10 years of the 30 year period.  Once the fixed period ends, the rate (and monthly payment) adjusts based on changes in the index the interest rate is tied to.  ARM indexes include:  The Treasury Bill; Certificate of Deposits (CODI); Cost of Funds Index (COFI); London Inter Bank Offering Rates (LIBOR); Prime Rate; etc...  Most Adjustable Rate Mortgage loans have interest rate caps that protect customers from substantial increases in their interest rate and monthly payments.  The interest rates on Adjustable Rate Mortgages are typically lower than Fixed Rate Mortgages.

INTEREST ONLY LOANS

Interest Only Mortgage Loans give customers the option to pay the mortgage interest only.  None of this payment reduces the principal amount of the mortgage.  This loan helps those borrowers who need maximum cash flow and the lowest monthly payment.  Typically, during the first five years on most conventional loans, the mortgage payment goes directly towards interest and does not subtantially reduce principal.  The Interest Only Mortgage is advantageous to the borrowers who plan to stay in their house less than ten years and can utilize the monthly cash-flow savings for a better opportunity cost.

JUMBO LOANS

Loans above the maximum loan amount established by Fannie Mae and Freddie Mac (currently $417,000) are known as "Jumbo" loans.  Jumbo loans are offered under the same terms as listed above, however, because jumbo loans are bought and sold on a much smaller scale, they have a little higher interest rate than conforming, conventional loans.