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Home Buyer Tips: Know Your Mortgage Loans?

Anita Clark RealtorĀ® : Selling Warner Robins :: Home Buyer Tips HOME BUYER TIPS KNOW YOUR MORTGAGE LOANS %24 The first consideration that you need to make when purchasing real estate is the kind of mortgage loan that you need to take out. It is important to know the various types of mortgage loans to help you with paying back your mortgage easily. BASIC HOME MORTGAGE CATEGORIES DID YOUKNOW? Fixed Rate Mortgages (FRM) The most appealing characteristic of fixed rate mortgages is that they have tremendous stability. The interest rate on your mortgage is locked from the time of the origination of the mortgage and it remains stagnant throughout the term of the mortgage. Fixed Rate Mortgages (FRM) FRM mortgages are the most popular home mortgage loan choice. Adjustable Rate Mortgages (ARM) The second type of basic home mortgage is the adjustable rate mortgage which has an interest rate that is tied to an index and changes according to changing market rates. 70% Although you don't have the stability you would have with a FRM, the initial rate in ARM is lower than FRM. Percentage of home purchases that are done through traditional mortgages GOVERNMENT GUARANTEED MORTGAGE LOANS FHA Loan 3-5% FHA Loan A FHA loan is given out by the Federal Housing Association and especially beneficial for you if you are a first time home buyer with a moderate or low income. The interest rates are also lower as compared to traditional mortgages. DOWN PAYMENT aS opposed to VA Loan To be eligible for a VA loan, you need to have served in the military actively or you are the surviving spouse of an active service member. A veteran can often get a VA loan even without a down payment or very little of it. 20% USDA Loan DOWN PAYMENT This is meant for low and moderate income individuals who are purchasing houses in areas that are designated for rural development. With a USDA loan you won't require any down payment or mortgage insurance and the qualification criteria are quite relaxed. with Traditional Mortgages www.sellingwarnerrobins.com Ā© ANITA CLARK REALTOR Source: http://sellingwarnerrobins.com/2011/10/make your-home-buying-easier-know your-mortgage-loans/

Home Buyer Tips: Know Your Mortgage Loans?

shared by anitaclark on Mar 19
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The first consideration that you need to make when purchasing real estate is the kind of mortgage loan that you will need to take out. It is important to know the various types of mortgage loans avai...

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