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Learn the Lingo: Home Financing Options

Apr 27, 2021, 21:32 PM
mortgage

 

When it comes to mortgage loans, one size does not fit all. Many options and programs exist with different terms, features and benefits to suit various buyers. But you can be a well-informed consumer by familiarizing yourself with these common mortgage types:

 

Conventional/Fixed-Rate Mortgage

A fixed-rate mortgage features an interest rate that remains constant throughout the term of the loan. Most fixed-rate mortgage come with a term of either 15 or 30 years.

 

Adjustable-Rate Mortgage (ARM)

Adjustable-rate mortgages usually start with a lower rate than fixed-rate mortgages, but the rate can begin to rise after a few years and will fluctuate periodically.

 

VA (Veteran’s Affairs) Loans

VA loans offer up to 100% financing for military members and their families.

 

FHA (Federal Housing Administration) Loans

These loans can help buyers receive financing even if they may not otherwise qualify for a mortgage. The FHA insures the lender for the mortgage amount, which removes the risk associated with the borrower.

 

Selecting the mortgage option that works best for you will depend on several factors, including how long you plan to stay in the home, if you’re comfortable not knowing what your future payments might be and more. You can work with a US Eagle Mortgage Loan Officer to discuss your goals and lifestyle in relation to these different financing options. By carefully analyzing the pros and cons of each loan type, you can determine a financing option that meets your needs. Schedule an appointment today!

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