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Over 50% of borrowers obtain a mortgage through conventional-type financing. Because of this, a variety of loan programs are available. With a vast menu of products and competitive rates, HomeServices Lending has the mortgage to meet your financing needs. Listed below is helpful information to acquaint you with home financing options your HomeServices Lending representative will cover with you.
Fixed rate mortgages offer principal and interest payments that will not change during the term of the loan.
ARMs (adjustable rate mortgages) and balloon mortgages offer a lower starting interest rate than fixed rate mortgages, but the payments can go up or down periodically depending on market conditions and a pre-selected index.
Rates may be quoted with or without points. A point is typically an upfront fee, and is equal to 1% of the loan amount. Paying points essentially allows you to "buy down" the interest rate over the life of the loan. The more points you pay, the lower your interest rate.
To guarantee your rate for a particular period of time, you will need to lock-in that rate. Otherwise, your rate will be "floating" and may go up or down, depending on the market.
A HomeServices Lending professional can help you decide between a fixed rate mortgage and an ARM, with or without points, or can counsel you regarding the variety of special financing programs we offer. Contact us today to find the program that best fits your needs!
In conjunction with HomeServices Lending , Semonin REALTORS offers a step-by-step outline of the home-buying process, which includes obtaining financing for the home of your dreams. We also offer some financing tips to help you along in the process.
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Conventional Loans |
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