Greentree Financing, re-branded as Ditech as of 2015, offers home loans and mortgage refinancing options. Prospective homeowners have the choice of a fixed rate mortgage, an adjustable rate mortgage, a jumbo loan, an FHA loan or a VA loan. The company also offers a number of other services, such as mortgage assistance, loan modification programs and housing counselors, notes Ditech.Continue Reading
Fixed rate mortgages have a set interest rate for the entirety of the loan. Down payments are usually between 5 and 20 percent on these mortgages, with no penalties for paying off the entire sum early. Loan terms are between 10 to 30 years, according to Ditech.
The first five to 10 years of an adjustable rate mortgage come with a low, fixed interest rate; however, this rate adjusts annually after that time period, states Ditech. This loan is ideal for someone who wants to refinance or move after a few years. Borrowers must also be willing to accept the risk of interest rates rising after the initial period ends.
Jumbo loans are suitable for borrowers who need a loan that is larger than the conforming limit in the United States, per Ditech. Jumbo loans also come with a cash-out refinancing option. This is the ability to restructure a mortgage for more than is owed and keep the difference, notes Bankrate.Learn more about Credit & Lending