We have always believed that an informed customer is a powerful and savvy customer.
There are many different types of loans out there and there are times that people leave thousands of dollars on the table because they don't take advantage of the programs available. Stay in the know with the information we have laid out for you!
This is the most common type of loan. Fixed-rate loans offer a single interest rate, and monthly payment, for the entirety of the loan.
Typical home loans require a 20% down payment. But with a Federal Housing Administration, FHA loan, you can put down as little at 3.5% of the home value. The reason for this is because FHA loans are backed by the government.
These loans tend to have lower interest rates for a set duration, 5-10 years, and then after the interest rates and payments will adjust. These rates are generally tied to the prime interest rates. So if rates go up, your payment goes up; same if they go down.
Those who have served in the United States Military may qualify for a Veterans Affairs, VA, loan. These loans require no down payment or mortgage insurance.