Introduction to loan programs
All loans are designed to be 30, 25, 20, or 15 years 10 years in length.
Consider choosing a program based on your intended use, even if your future income changes, how long you will live there, etc.
① Fixed interest rate : Rate is fixed and determined.
② Variable interest rate : 30-year loan. Fixed rate for the first 10, 7, or 5 years only, then replaces variable.
Plans with annual rate review or every 6 months.
③ Interest ・ Only ( Interest Only ) : A loan where you only pay interest for the first years. The monthly repayment is less than that of a regular loan.
④ Jumbo Loans : Ordinary Loans ( Conventional Loans■) have a fixed maximum amount that can be borrowed. Any loan above that amount will be a Jumbo Loan and the rate will be lower now.
⑤ Loans available to VA : Veterans ( Veteran ). Zero down payment.
⑥ FHA : Loan guaranteed by the U.S. Government ( Federal Housing Administration.
⑦ Reverse Mortgage : A loan for seniors age 62 and older. Loan but no monthly payments. Only property taxes and fire insurance paid.
\ We recommend that you consult with an expert and compare different options /
Buying real estate is a big purchase. Sometimes you will know what you really want as you consult with us.
I think it is best to find a professional who listens and consults well.
Caution ! Please be careful not to be swayed by immediate benefits such as "low rates" or "they pay closing costs".
Most ordinary loans ( Conventional Loans ) nowadays, the rates are almost the same for everyone.
Also, when they say they will pay the closing costs, it is not always free and we are always expected to pay our share somewhere.