When you're in the market for a new home or a new home loan, there are many things to know about how each loan type works and which type you need. Here are three popular home loans that can save you money and help you have a better standard of living. Buying a new home can be easier when you have a fixed mortgage loan.
With this type of loan, your interest rate does not fluctuate, so your mortgage payment, independent of taxes and homeowners' insurance, stays the same month after month and year after year. It's a great way to keep the mortgage payment regular and to hedge against inflation.
With this type of loan, your interest rate does not fluctuate, so your mortgage payment, independent of taxes and homeowners' insurance, stays the same month after month and year after year. It's a great way to keep the mortgage payment regular and to hedge against inflation.
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Purchasing a new home, refinancing an existing loan or getting a reverse mortgage can be a confusing and sometimes a frustrating process. We believe simplicity is the key. It also helps to have a trusted mortgage professional on your side to help you navigate your way through the mortgage process. Key City Lending will help in achieving all your mortgage goals.
30-Year Fixed Mortgage
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If you're looking for a fixed mortgage for a refinance or new home purchase, you can get a no obligation consultation to find out which loan is best for your financial needs. Each of these options presents its own benefits to specific buyers, depending on their lifestyle and financial situation. Many buyers seek out of a fixed mortgage because the interest rate will stay the same over the entire life of the loan.
15-Year Fixed Mortgage
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A 15-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 15-year mortgage of $250,000 with an interest rate of 4.25%, the monthly payments would be about $1,881. So, the interest rate of 4.25% stays the same for the life of the loan.
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
Adjustable Rate Mortgage
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An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts annually thereafter for the remaining time period. After the set time period your interest rate will change and so will your monthly payment. The initial interest rates for adjustable rate mortgages are normally lower than a fixed rate mortgage, which in turn means your monthly payment is lower.
Jumbo Loan
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Another name for a jumbo mortgage is a non-conforming mortgage. This is a loan a lender makes you that doesn't "conform" to the guidelines of Fannie Mae and Freddie Mac. Created by Congress in 1938 and 1970 respectively, Fannie Mae and Freddie Mac provide stability and affordability to the mortgage market by buying "conforming" mortgages from lenders, which gives lenders liquidity to make more mortgages.
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