|
First Time Homebuyer? Buying your first home can be very exciting but can also be very stressful. ECB Mortgage Bankers are very experienced with the first time home buyer process and have a variety of mortgage options for you to choose from. FHA This loan is the most flexible loan available for home buyers. This loan allows for down payments as low as 3.5% on fixed and adjustable rate programs,allows for less than perfect credit, and will allow all closing funds for down payment, closing costs and pre-paids to be a gift. Veteran’s Loan If you served in the military and are purchasing a home, you may be eligible for aVA loan. A Veteran is a person who served in the active military, naval or air service, and who, except for a service member on active duty, was released from active duty under conditions other than dishonorable. The spouse of a deceased veteran or active duty service member may also be eligible for a VA loan. Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan. Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great. Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan. USDA Rural Development Loans offer 100% financing for qualified applicants and properties with no PMI (private mortgage insurance).
|