Purchasing & Refinancing Options

There are many options when purchasing or refinancing a home. We're here to help.

Excel Mortgage Corporation

Loan Options for purchasing a home

Conventional Fixed Rate

With a fixed rate mortgage, the interest rate stays the same throughout the life of the loan, which means your monthly principal and interest payments won’t change. You can choose a loan term between 10 and 30 years. We offer programs with low down payments and no monthly mortgage insurance payments, plus additional options for first time homebuyers.

Conventional Adjustable Rate Mortgage

Commonly referred to as ARM’s, adjustable rate mortgages have initial fixed rate terms of either 5,7 or 10 years. After this term, your interest rate will adjust annually depending on current rates.


The Federal Housing Administration offers fixed rate loans for owner occupied properties. This program allows for lower credit scores, as little as 3.5% as a down payment, and more flexible underwriting guidelines. If negotiated in the contract, the seller can credit you up to 6% of the purchase price to pay your closing costs.


The Veterans Administration offers home financing to qualified active duty and retired veterans and reservists. These loans provide low or no down payment options. They also have flexible underwriting guidelines and allow for unlimited seller credits toward closing costs.

Jumbo Loans

Jumbo loans are loans that exceed the conforming loan limit. We offer a variety of fixed rate and adjustable rate loan options for higher loan amounts. Please contact us for more information on our Jumbo offerings.


The US Department of Agriculture offers financing for low to moderate income households who reside in rural areas. If you qualify, you can get a USDA loan with no down payment.

Refinancing Options

I want to build home equity faster and pay off my mortgage sooner

Think about refinancing with a shorter-term loan which generally has a lower interest rate. Your payments will be higher than with a longer-term loan, but in exchange you will pay substantially less interest and will build equity faster. This is a great option for people whose goal is to build equity and pay off their home sooner.

I want to lower my interest rate and monthly payments

Your best option might be a longer term fixed-rate loan. This is especially a good idea if you don't think you'll be moving within the next five to seven years. If you do see yourself moving within the next few years, an ARM might be the best way to lower your monthly payment.

I want to refinance to cash out some home equity

Maybe you want to build your dream kitchen, pay your daughter's tuition bill or backpack Europe. If cash on hand will help, think about qualifying for a loan that's for more than the balance remaining on your current mortgage.