When it comes to purchasing a home, some of the most commonly asked questions deal with the financing. We have tried to answer those questions. However, if you have additional questions, please feel free to contact us and we will do our best to provide you with the answers.
Time: Most home loans are done through Conventional, FHA or VA financing and are paid back in 15 or 30 year installments. However, other options are available. One such option is the Balloon Payment. With this option, the loan may be amortized over a 15 to 30 year period, but the full balance of the loan may be due in 7 years. This is a common option among second mortgages or those people who plan on moving before the full term of their note.
Interest: The most popular interest options are the fixed rate loan and Adjustable Rate Mortgage (ARM).
Other loans: There are literally hundreds, if not thousands of different types of loans. There are wraparounds, loan assumptions, owner financing, partial owner financing, interest only, 80/10/10, zero down, 3% down, home purchase + renovation loans, loans for veterans, teachers, first time home buyers, and many more. One of our lenders even offers a program for persons who have recently declared bankruptcy. While fixed rate and Adjustable Rate Mortgages are the norm, hundreds, if not thousands of options are available when it comes to home loans.
The Bottom Line: Don't give up on your dream! No matter your situation, we can work with one of our many lenders and find the loan that best meets your needs. If you are ready to purchase a home, we will do our best to make that dream a reality.