It’s Mortgage Time…
As you make the bold step from renting an apartment to owning a home or moving to another home, you may have an array of questions about how you will finance your home. Given that different homeowners and aspiring homeowners have different needs, it is vital to understand the type of loan that is ideal for your financial situation. Below are some types of loans that could be ideal for you.
Fixed Rate Mortgages
If you are looking to have a consistent monthly repayment plan, then this is the right option for you. Under this option the fixed interest rates are consistent, making it easier for you to budget for your payments. Also, compared to other types of loans, fixed rate mortgages feature significantly lower monthly repayment. Longer fixed rate mortgage plans are ideal if you are a first-time homebuyer or you are looking to stay in your home for a long period. Homespire Mortgage offers 15 and 30 year fixed rate mortgage plans, which can be tailor-made to meet your needs.
Adjustable Rate Mortgage
If you are looking to live in your home for a shorter time, you can consider taking up the adjustable rate mortgage. The loan has an initial period where you pay a fixed interest rate after which it can be adjusted. It is perfect for those who want to relocate after a few months since you will pay a smaller interest rate at the beginning. Also, if you foresee a rise in your income, the future higher interest rate will not destabilize you financially. Homespire Mortgage offers four terms of adjustable rate mortgages all tailor-made to match varying client demands.
You can also consider taking up a Federal Housing Administration Loan. The loan has a relatively low down-payment, and you do not need to have a high credit score. Also, if you are planning to sell your home shortly, the buyer may take over the FHA loan.
Veteran’s Administration Loan
If you are a veteran, you can consider taking up the VA loan. Supported by the Department of Veteran Affairs, the loan offers an opportunity for veterans to buy homes. The loan has no down payment except if the home’s purchase is higher than the price. VA loans have competitive interest rates that can be negotiated with a private lender.
Our Personal Loan Consultants Can Help
At Homespire Mortgage, we take pride in offering reliable home loan solutions to our clients. We understand that everyone has varying loan needs; as such, we have excellent mortgage products all designed to suit your preference. Looking to buy a new home soon? Contact us via 304-901-5310, and we will be happy to discuss our loan options with you. You can also get instant access to our home buyers guide by filling out the bar at the top.