No matter what your needs are, choose a mortgage specialist that can offer a variety of flexible home financing options. Both small and large lenders both have pros and cons in determining which one is better. After some research and analysis you will be able to determine the best mortgage loan thats right for you.
Interest rates and flexibility are important. You will need to consider all of the features and benefits of the loan type into account to find the right mortgage.
Fixed Rate Loans - Traditional loans that have predictable interest and principal payments over the life of the loan. (whether 30, 15, 20 or 10 year). Advantages: Down Payment as low as 5%
Adjustable Rate Loans - Lower payments at beginning of loan make it easier to quality or allow you to purchase a more expensive home. Advantages: Down payment as low as 5%; rate adjustments every 6 months or once a year
Jumbo Loans - Allows you to borrow amounts exceeding the Fannie Mae or Freddie Mac Guidelines (over $252,700). Advantages: A wide variety of options in amounts over $252,700
Balloon Loans - Lower payments at beginning of loan make it easier to qualify or allow you to purchase a more expensive home. Advantages: The loan becomes due all at one time, typically after 7 years.
Have a question or comment? Please feel free to share your thoughts!