Understanding the Different Types of Loans
FHA, VA, Conventional, Conforming, Fixed, ARMS, Interest Only, Pay Options ARMs, Bi-Weekly Payments, Sub-Prime…What is all this????
Please don’t let all the terms you hear about mortgages intimidate you. We understand that it can be confusing. And you don’t need to become a mortgage expert to be able to know what you should do, and what type of mortgage you should select. When you work with us, we will explain to you and what you need to know, and how to save the most money, in your quest to own a home. We know that once we that once we explain the process and the options you have available, you will no longer feel intimated & overwhelmed with the task ahead. When you become educated, you will know what to do.
So how do I choose which Loan Program is best for me?
There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:
- Your current financial picture
- How much money you have available to use for purchasing your home
- How you expect your finances to change
- Your target monthly payment
- How long you intend to keep your house
- How comfortable you would be if your mortgage payment were to change in the future
For example, a 15-year fixed rate mortgage will save you many thousands of dollars in interest payments over the life of the loan, but a 30-year fixed rate mortgage will allow you to afford a bigger mortgage, and thus a bigger, nicer home.
An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes. The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences with us so we can help guide you. And that is exactly what we will do.
Though we are branded as “FHA Pros Online”, we are experts in all facets of
Mortgage Lending, and will help you understand which option meets your needs, and offers you the best value.
When we talk, you will learn everything you should know about both of these options. This goes for the entire loan process. We know what you need to know, and we are going to explain everything you need to understand so you can make the best possible decision and save the most money over your lifetime of borrowing.
Click here to find out what it takes to get started – and we won’t ask you to fill out anything online!
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