Goldendale Washington Real Estate, Klickitat County Real Estate

Mortgage Loans

What are the different types of mortgage loans?

In choosing a mortgage loan it is best to choose one that you can afford for as long as your remain in your home. Affordabilty varies with the types of mortgages there are to choose from. The most common loans are fixed and adjustable-rate.

A fixed-rate mortgage is just that fixed for the entire length of the loan, about 30 years. However there are shorter terms such as 15 or 20 years which tend to carry low interest rates and higher payments with the benefit of less money paid out than with a longer term loan. Most longer terms have smaller monthly payments and may be easier to afford.

ARMS start with a lower rate than a fixed rate loan but also tend to rise with the economy. The lower rate my help you qualify for a larger loan. If your income keeps rising with the pace of your ARM or if you plan to move within a few years then an ARM could be right for you.

FHA is a federal government mandated loan which the home must fall in to strict guidelines. This is usually best suited for first time home buyers and those not looking for a fixer upper. FHA loans tend to be just like a 30 year fixed but have the first time home buyer in mind.

For more information, please contact your Goldendale Washington Coldwell Banker real estate agent today!

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