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Getting the right type of real estate property or home loan is an important part of the buying process. Below is some basic information regarding the types of real estate property or home loans that are common in the market today.
Fixed-rate mortgages. Fixed-rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.
Adjustable-Rate Mortgages. With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.
Hybrid loans. A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependent on current rates.
FHA real estate home loans An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.
VA real estate home loans. A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
Reverse mortgages. A reverse mortgage is a loan secured by the home that does not need to be repaid until the borrower
dies, sells the home or moves out permanently.
Do you need professional real estate representation buying property in this area? With over 40 years of real estate experience in this market, we are uniquely equipped to help!
We can help meet ALL of your real estate needs, including residential, commercial, leasing, and income property.
Contact Eunice at (713) 851-8888 or Rod at (281) 684-4300, and we will be happy to provide you with some outstanding ideas on how you can best prepare to buy your property!
