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! Mortgage rates New York - Located in New York City, Great Northern Mortgage Corporation is a professional mortgage company offering expertise in the areas of purchasing residential or commercial properties, lowering monthly payments and achieving financial goals.


CONNECTIONS IN REAL ESTATE:  Prudential Real Estate services in Bozeman Montana Real Estate and Livingston Montana Real Estate. Serving all of Gallatin County Montana Real Estate . Ruidoso New Mexico Real Estate services provided by CENTURY 21 Aspen Real Estate including all of Lincoln County. Ruidoso New Mexico Real Estate - Let Coldwell Banker SDC Realtor, Inc. handle all your Lincoln County Real Estate. We provide MLS search for homes, properties and lots in and around Carlsbad, Alamogordo, and La Cruz.   1st Foreclosure Prevention is a mortgage loan modification company; providing residential and commercial mortgage help nationwide. Retail Branch - : American Pacific Mortgage Corporation is California based mortgage net branching company providing banking services to mortgage brokers and bankers.