Your Guide to the Different Types of Mortgages

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Home buying is at once an extremely exciting and highly daunting process. One of the most important decisions you’ll need to make right at the start is choosing what type of mortgage to apply for. The first thing you’ll want to do is get familiar with the different types of mortgages so that you can apply for the one that’s right for you.   Common Rate Types   There are two mortgage rate types offered by financial institutions: Fixed-rate and adjustable-rate. Both have their pros and cons, and which type makes the most sense for you is dependent on your unique situation.   Fixed-rate mortgage   A fixed-rate mortgage allows you to choose the term of the mortgage (how long you want the mortgage to last), which is typically 15, 20 or 30 years. As … [Read more...]

Be Prepared – A Motto for Prospective Refinancers or Home Buyers

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Thinking of refinancing or buying a house this spring to take advantage of record low interest rates?  If so, you are not alone.  In particular, home buying activity has reportedly picked up in most U.S. markets at a time when the inventory of homes for sale is very low.   This is creating a competitive environment in many communities. In turn, home prices are increasing and bidding wars are again becoming commonplace. The more qualified you are as a buyer, the better chance you will have of getting the house you want.  By qualified, I mean that you are pre-approved with excellent credit ratings, and you have the ability to make a sizable down payment.   Don’t make the mistake of getting so caught up in house hunting, you wait until the last minute to do your … [Read more...]

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