Well, there are tons to choose from and they are all tailored to your specific needs. If you have a great job
and money isn’t an issue, you can make higher payments and possibly pay off your loan in as little as 10 to 15 years.
For many people though, they don’t have great jobs and need to best plan for their budget.
Most mortgages differ in just a few ways. They may require balloon payments up front or toward the end of the loan
period or they might be influenced monthly by ever changing interest rates.
Fixed rate loans are very popular because you are guaranteed to have the same bill every month regardless of
interest rates. If you are on a budget, this is a great option. Adjustable rate loans differ from fixed rate as they
fluctuate with current interest rates. Don’t worry though, they usually have a cap so you won’t be paying twice as
much as the month before. The cap is usually just a couple percent. These are just a couple of popular types of home loans.
If you plan on getting a VA or FHA Mortgage, you will have many more mortgage types available.
FHA home loans have returned to the lending market as a smart option for home financing for first time home buyers and those with less than perfect credit. First time home buyer FHA Loans are often a better option if you have a fair to good credit rating and are looking for a low down payment.
Generally, FHA Mortgage standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Home Loan is your key to home ownership.
Some of these have very low payments for the first year until your business is established and they they increase
so you can pay them off quickly.
There are several reasons why a VA Home Loan may be preferable to a standard loan. Most importantly, if you qualify, you may obtain a VA Mortgage Loan even if you did not qualify for other loans. There may be *****no down payment required***** for a VA Loan, depending on the lender. VA Mortgage Loans often have lower interest rates than conventional loans, and many times you can negotiate the interest rate with the lender. There are no mortgage insurance premiums on VA Loans, and assumable mortgages are permitted. Closing costs can be lower for a VA Mortgage than other forms of financing, and there is no penalty for prepaying your VA mortgage. In addition, VA Mortgage assistance due to temporary financial difficulty is available to those who qualify.
If, you have an FHA or VA home loan, you can streamline your mortgage to the lowest rate available today, with no appraisal, no income no credit score. All you have to do is be on time with your payments.
The best bet is to research the different types of loan you are interested in and discuss them with your mortgage broker.
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