A home is the largest purchase that most of us will make during the course of our lives, and often, it is one of the most important. This makes choosing the mortgage loan that covers the cost of this house one of your most important decisions as well. Since there are many types of mortgage loans, you should be able to find one that suits you.
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A fixed rate mortgage has in interest rate that remains the same throughout the life of the loan. This ensures that your monthly payments at the start of the loan will be the same at the end of the loan. Fixed rates carry less risk than rates that are subject to change and if rates were to drop substantially, a homeowner with a fixed rate could always refinance if he or she thought it there was a possibility of locking in a lower rate.
Finding a mortgage loan can be more daunting than find a home. You want to be careful in both decisions since you will have to live with both for at least the next five to 30 years. Having realistic understanding of exactly what mortgage loans entail and exactly what you are looking for will help you through this process. Fill out our free short form to contact an expert about mortgage loans.
A construction loan covers the cost of the materials, labor and land needed
to build a new home, giving you the opportunity customize your new home.
An FHA loan is insured by the Federal Housing Administration which is a
part of the Department of Housing and Urban Development in effort to provide
families with low income mortgages that require only very low down payments.
The FHA also has special low interest, low down payment loans available for
teachers and police officers.
A VA loan is insured by the Veterans Administration and provides a low interest
low with no required down payment. A VA insured loan is available if you have
served in the military.