Great Northern Mortgage is a diversified New York-based mortgage brokerage firm that specializes in providing unparalleled service through a broad range of loan products. Let us help you make sense of all the options that are available to you, and find the one which best suits your needs.

Getting the lowest rate possible in this economy is your number one priority. Having someone service and guide you to the best choice makes all the difference.
Understanding all our loan programs may help so it’s important to know the differences.

Conventional Loans
“Conventional” just means that the loan is not part of a specific government program. Conventional loans typically cost less than FHA loans but can be more difficult to get.

Adjustable-Rate Mortgages
An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. Considering what the FED is doing right now as of this post, an ARM may not be the best choice if your income is fixed. ARMs may start with lower monthly payments than fixed-rate mortgages, but keep in mind the following: Your monthly payments could change. They could go up — sometimes by a lot—even if interest rates don't go up.
To compare two ARMs, or to compare an ARM with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps on rates and payments, negative amortization, payment options, and recasting (recalculating) your loan. You need to consider the maximum amount your monthly payment could increase. Most importantly, you need to know what might happen to your monthly mortgage payment in relation to your future ability to afford higher payments.

Fixed Rate Mortgages
A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.
Other forms of mortgage loans include interest only mortgage, graduated payment mortgage, variable rate mortgage (including adjustable-rate mortgages and tracker mortgages), negative amortization mortgage, and balloon payment mortgage. Unlike many other loan types, FRM interest payments and loan duration is fixed from beginning to end.

Fixed-rate mortgages are characterized by amount of loan, interest rate, compounding frequency, and duration. With these values, the monthly repayments can be calculated.

FHA Home Loans
FHA loans are backed by the Federal Housing Administration, an agency under the jurisdiction of the Department of Housing and Urban Development. FHA loans are insured by the FHA, which simply means that organization protects your lender against loss if you default on your loan.
FHA loan requirements are more flexible than many other programs. Home buyers need only a 580-credit score and 3.5% down payment to be eligible for an FHA home loan. Other requirements apply, too; for instance, you need a steady history of income and employment.

FHA 203(K) Home Loans
Everything weighs on your credit score these days. You'll need a credit score of at least 500 to qualify for an FHA 203(k) loan, though some lenders may have a higher minimum. Down payment: The minimum down payment for a 203(k) loan is 3.5% if your credit score is 580 or higher. You'll have to put down 10% if your credit score is between 500 and 579.

VA Home Loans
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.