The Basics Of Getting A Mortgage
Number one when getting a mortgage is simply knowing what you want.
Do you want to have Cash? Are you Looking to Save on your monthly
payments or are you looking to lock in a steady interest rate for the longest
period of time?
Here is our extensive overview of mortgage lending terms and
real time rates
30 Year Fixed
This is the most common mortgage until recently. This means your monthly
mortgage payment remains the same for the full 30 years if you keep the
mortgage the entire time. The advantage to this is you know what your
payments are going to be every year. The disadvantage is there may be
lower interest rate mortgages you'd qualify for, such as adjustable rate.
Adjustabe and Option ARM programs
These specialty products were created by bankers in the late 1980's in
response to then double digit 30 year fixed rates. Normally used
by self employed and jumbo mortgage borrowers, Option ARMs are the
most complex mortgages which require an experienced loan officers help.
For additional detailed information, go here.