This one-of-a-kind home designed with their architect for the current owners is a true custom home in the coveted Rock Barn golf community. Designed to have all living spaces on one floor with
Types Of Home Loans
Dated: February 2 2018
There are many different types of home loan for buyers to choose from when purchasing a home.
It is important to know the differences in each type so that you make the best decision for you. A mortgage broker will be able to help you choose the type of loan, interest rate, and terms that best meets your needs.
Fixed rate loans allow you to keep the same interest rate for the entire life of your loan. This type of loan is especially good when interest rates are low.
Adjustable rate loans, also know as ARM's, can be beneficial when interest rate are higher. With this type of loan the initial interest rate may change as market rates change. The amount and frequency the interest rate can change is usually governed by the terms of the loan.
Balloon loans are short term mortgages. Interest rates are usually very low and the term is usually between three to seven years. With this type of mortgage you make payments are based on a 30 year term but you only make payments for 3-7 years and then the remainder of the loan in due in one payment.
Government-Backed loans offer special terms to qualified buyers. The Department of Veteran Affairs offers VA loans with 0% down payment. This type of loan is for military personnel & veterans. Another type of government-backed loan is offered by the Federal Housing Administration, FHA, which offers loans with down payments as low as 3.5%. This type of loan is for everyone.
It is always a good idea to contact a few different lenders when looking to buy a house. This way you will be able to compare interest rates and terms to find the best loan for you!
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I am a Broker/Owner and Chief Operations Manager of our office that my husband and business partner Mike Kelly founded in 2010. We are proud to say that we have grown our firm into the top independ....