Best Home Mortgage Loan What To Look For In A Mortgage
With a credit score of 680 or higher, you have a plethora of home loan options. Basically, you can choose your terms, but you want to make sure you find the best financing package. That means looking at financing costs, terms, and lenders.
Financing Costs
The most competitive mortgage market is conventional loans, including both fixed-rate and ARM. That means these types of loans have the lowest rates. Add a 20% down payment, and you will have lenders swooning over you.
Fixed-rate home loans offer security of a flat interest rate. You will be paying the same interest rate over the entire life of your mortgage. You can also lock in todays low rates. You always have the option of refinancing if rates do drop.
An ARM provides lower rates with the risk that they will rise in a couple of years. For those homebuyers who plan to move in a couple of years, this financing can save you hundreds in interest charges.
You can also choose a hybrid of the two, offering initial low rates that will lock in after a couple of years.
Terms
The shorter the mortgage, the less you will pay...
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