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Fixed-rate mortgages:
Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates go up By virtue of the fixed mortgage rate, you are secure in the knowledge that the interest rate is going to remain unchanged for the duration of the fixed rate mortgage. For example, the lender offers a 15 year fixed loan to the buyer of a home. He charges the purchaser 6% interest which is fixed and will not change for the entire term of the loan. Whether the market rate rises to 7% or decreases to 5%, the homebuyer will continue to pay the fixed 6% interest rate. Thus a Fixed-Rate Mortgage applies the same interest rate toward monthly loan payments for the term of the loan.
The biggest benefit of a fixed rate mortgage is that you will know precisely what your mortgage interest and principal payments are going to be and hence plan your budgeting in accordance.
Adjustable-Rate Mortgages:
adjustable rate mortgages the interest rate is not fixed, but changes during the life of the loan. These changes are linked to an index rate and move in accordance to it. The Adjustable Rate Mortgage offers you the benefit of low initial rates and therefore you are able to afford more expensive homes. The loan becomes adjustable where it is dependant on current rates.
Balloon Real Estate Loan A balloon loan is a real estate loan where there is a lump sum due at the end of the loan. This normally encourages an individual to refinance prior to the end of the term of the loan
FHA Real Estate Loans & VA Real Estate Loans:
The Department of Housing and Urban Development (HUD) is the federal agency responsible for national policy and programs that address America's housing needs. The Federal Housing Authority (FHA) which is part of the HUD plays a major role in supporting homeownership by underwriting homeownership for lower- and moderate-income families. FHA assists first-time home buyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders. Everyone, who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for an FHA-insured mortgage. To get a FHA-insured loan, you need to apply to a HUD-approved lender. FHA-insured loans are available in urban and rural areas for single family homes, for 2-unit, 3-unit, and 4-unit properties, and for condominiums. Interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Down payments can be as low as 3 percent, and closing costs can be wrapped into the mortgage. With an FHA-insured mortgage, you can make extra payments toward the principal when you make your regularly monthly payment. By making extra payments, you can repay the loan faster and save on interest. You can also pay off the entire balance of your FHA-insured mortgage at any time.
VA Real Estate Loans If you have served (or are currently serving) in the U.S. Armed Forces, you might qualify for a VA loan, which is a major benefit when buying a house. A VA loan is a mortgage loan tendered through the Veterans' Administration, which can be financially helpful for veterans who are disabled or currently experiencing a hardship. However, you do not have to be in dire need of assistance to qualify for a VA loan, contrary to popular myth. The benefits of the VA loan include the following: The VA loan is guaranteed by the Department of Veterans Affairs (DVA). A major advantage of using a VA loan is that the borrower can finance the purchase of a property with no-money down. The VA loan is restricted to individuals qualified by military service. The Department of Veteran Affairs will guarantee the more popular 30 year fixed and 15 year fixed loan programs
Loan Information
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