Kentucky Home Loans | KY Mortgage Lenders

Our company offers instructive, useful mortgage information to prospective homebuyers in the Bluegrass State. We uncover and reveal little-known Kentucky mortgage secrets, tips, and tricks. We’ll also pair you with an accredited Kentucky mortgage lender - one that you can trust, and one that respects and listens to you and your needs.

 

Whether you’re looking for a home along the Cumberland River near the mountains, a condo in Lexington, or a "green" home in Bowling Green, you can trust us to provide you with the best and most current KY mortgage information!

 

Kentucky Conforming Home Loans

Conforming mortgages are home loans supported by U.S. mortgage giants, Fannie Mae and Freddie Mac. These mortgages must fall under the strict guidelines outlined by the federal government. Generally speaking, conforming mortgages cost less than non-conforming home loans. Why? For starters, Kentucky conforming mortgages are given more government support. They also have strict eligibility regulations, including:

  • maximum loan amounts;
  • maximum debt-to-income ratios;
  • various required documentation.

 

If you fail to qualify for a Kentucky conforming mortgage, ask your lender if there are any changes that you can make to your living or financial situation in order to qualify upon re-application.

 

Adjustable Rate versus Fixed Rate Mortgages

Now, let’s take a look at two of the more popular Kentucky mortgage types: Adjustable Rate Mortgage (ARM) and Fixed Rate Mortgage (FRM).

 

An Adjustable Rate Mortgage is a home loan that begins with a low interest rate and monthly payment. The rate, however, becomes variable after a set amount of time and can rise or fall with current market rates. This means that your monthly mortgage payment could increase or decrease. With its low initial rate, an ARM is a good option for homebuyers with current limited cashflow who expect an increase in income in the future.

 

A Fixed Rate Mortgage is a safer, more predictable mortgage type, in that its interest rate does not fluctuate with current market rates; rather, a FRM’s rate remains the same for the life of the loan. This means that you will have the exact same mortgage payment amount every month for your entire loan term. Though a FRM usually has a slightly higher rate than an ARM, it is a good option for Kentucky homebuyers living on a fixed income because their monthly mortgage payment will never increase.

 

Should I Pay off my Mortgage Early?
There is much debate about whether to pay off a mortgage early, or to invest the extra money. The advantages of paying off your KY mortgage early include:

  • eliminating what is most likely your largest monthly expense;
  • saving thousands of dollars in accrued interest.

 

Making just one or two extra mortgage payments each year towards the principal balance will significantly reduce your overall interest payments and save you lots of money in the long run. Before paying off your mortgage early, though, make sure there isn’t a prepayment penalty.

 

Finding an Experienced Kentucky Mortgage Lender

Once you’ve determined which mortgage type would be best for you, it’s time to begin the dreaded lender search. You can pick up the telephone and call lenders directly for quotes and financing inquiries; you can search the Internet for those elusive top-rated Kentucky lenders; or, you can have us do the work for you!

 

Whether you’re looking for a home in the state capital of Frankfort, a mountain house near Mammoth Cave National Park, or a condo in Louisville off of I-64, contact us today for a no obligation rate quote and we’ll gladly pair you with a Kentucky mortgage lender offering low interest rates, excellent terms, and helpful service.