What Are My Loan Options?

Fixed-rate mortgages

 

With a fixed-rate mortgage, your interest rate – and your monthly payment of principal and interest – will stay the same for the entire term of the loan. This type of mortgage tends to be the most popular because it protects homeowners from the possibility of future monthly payment increases (a situation faced by borrowers who select an adjustable-rate mortgage) and is very straightforward.

Fixed-period Adjustable-Rate Mortgage (ARM) or hybrid ARM

 

Most lenders today offer a fixed-period or "hybrid” ARM, which is an adjustable-rate mortgage featuring an initial fixed interest rate period, typically of 3, 5, 7, or 10 years. After the fixed-rate period expires, the interest rate becomes adjustable for the remainder of the loan term. Fixed-period ARMs are often named by the length of time the interest rate remains fixed.

Example: In a 5/1 ARM, the “5” stands for the five-year introductory period during which the interest rate remains fixed. The “1” indicates that the interest rate is subject to adjustment once per year after the introductory period, and for the remainder of the loan term.

Government loans (FHA and VA)

 

If you're qualified, you may consider an FHA (Federal Housing Administration) or a VA (Department of Veterans Affairs) loan. These programs allow a lower down payment and credit score when compared to conventional loans.

FHA loans

 

FHA loans are helpful for applicants who don't have a 20% down payment saved or who need more flexible income or credit requirements.

There are some differences between FHA loans and conventional loans. For example, there's a maximum loan amount, which varies depending on where the home is located.

Also, FHA loan programs typically require you to pay mortgage insurance, similar to private mortgage insurance, or PMI. Under FHA, this is called a “mortgage insurance premium,” or MIP. Typically, you will pay an upfront mortgage insurance premium (UFMIP). Keep in mind that the UFMIP must be entirely financed into the mortgage or paid in cash; it cannot be partially financed. You will also pay an annual insurance premium, which you will pay monthly with your mortgage payment. You’ll need to factor that amount in when you set your budget.

VA loans

 

VA loans are offered by VA-approved lenders and are insured by the Department of Veterans Affairs. To qualify, you must be a current or former member of the U.S. armed forces or the current or surviving spouse of one. These loans can help reduce your down payment requirement, sometimes to zero. They may also help you get a lower interest rate on your loan. However, there are limits on the available loan amount. If you believe you may qualify for a VA loan, be sure to tell your lender, so you can explore your options together.

Jumbo loans

 

When you start to explore your mortgage options, you may hear the term "jumbo loan" come up. If you do, this may be because you live in a high-priced real estate market or are looking at properties that are more expensive than average. If you are considering homes requiring a mortgage that exceeds $417,000, it's a good idea to find out more about jumbo loans and discuss them with your lender.

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Allure & Co.

Allure & Co. in Spirit Lake

Allure & Co. is a great one stop shop with many businesses all in one building! Home decor, rugs, furniture, lighting, a yoga studio, photographer, hair salon, massage and a coffee shop all under one roof! They offer so many great brands to provide some great shopping in the lakes area. The staff is very friendly which makes it a fun place to shop.

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Okoboji Middle School

Okoboji Middle School in Arnolds Park

Okoboji Middle School is a place where we are Pioneering Pathways for Every Student. We focus on giving EVERY student access to a world-class education in small-town Iowa. We do this in three primary ways:

We employ staff who care deeply about the lives and learning of each student. From the classroom to the kitchen, we believe positive relationships between our staff and students form the foundation for all student learning.
We focus on preparing students with the competencies and skills needed to thrive in the world beyond our school. All teachers use a common language focused on developing the following five competencies in all our students:
Critical Thinking: The ability to incorporate key information to develop solutions to complex problems
Productivity & Accountability: Demonstrate initiative, self-direction, and personal responsibility to create quality results.
Complex Communication: Successful sharing of information with a clear message.
Collaboration: Respectfully working within a group to achieve a common goal.
Growth Mindset: The incorporation of creativity, unique thoughts, curiosity, and innovation in learning.
We focus on creating learning experiences to prepare our students to solve the problems of tomorrow. Nowhere is this more exemplified than in our Midmester Academy. Through our Midmester Academy, students spend over 120 days throughout their middle school career engaging in 24 real-world, interdisciplinary, problem-based courses. Their experiences culminate in an 8th Grade Capstone Project, where students showcase their middle school learning to a panel of peers, family, and faculty.

Please click HERE to access our Midmester Academy Handbook and Course Booklet.

We hope you will take to time to peruse the Midmester Academy Handbook Course Booklet and navigate our website to learn more about our school. Most importantly, we want you to know that if you are considering Okoboji Schools for your family, we would welcome the opportunity to give you a guided tour of our facilities, which will include a detailed exploration into the programming we offer our students. Please contact any of our school offices to set up a tour.

Yours in Education,

Ryan Cunningham
Okoboji Middle School Principal

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