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Which Of These 4 Types Of Mortgages, Is Best, For You?
For most of us, owning a home of our own is an essential part of what we call the American Dream! However, for many this requires, depending on securing a mortgage, in order to be able to afford this purchase. After more than 15 years as a licensed real estate salesperson in New York State, I usually take the opportunity to discuss with potential clients/buyers some of the options, at the start, of this process ! Basically, there are at least four types of mortgages, often available, depending on need, qualifications, finances, comfort zone, etc. of an individual. With that in mind, this article will attempt to, briefly, consider, examine, review, discuss, and explain their differences, as well as some of their potential pros and cons.
1. Ball: Sometimes his personal situation indicates that he is considering a balloon loan. This type of loan, in general, is of a relatively short duration (often between 5 and 7 years), requires very little down payment (other than fees, etc.) and, a little – affordable, monthly payment. However, at the end of the period, the borrower must either refinance, repay the balance, or sell the home! So you probably recognize both the (short term) benefits and the potential longer term considerations/ramifications!
2. Adjustable: Many homeowners take advantage of a variable term mortgage for a variety of reasons. Often the interest rate etc. is lower, and therefore more affordable, than for a more conventional type of loan! For this reason, some may qualify, as many loans are based on total monthly payments. However, it should be recognized that these terms and rates change, from time to time, at regular intervals and depending on the overall underlying interest costs, which may increase, at times, by a significant amount!
3. 15 years conventional: A conventional mortgage is a mortgage that has the same monthly payments for the entire term of the loan. The only things that change are the allocations paid, in escrow, for items such as property taxes, insurance, etc.! Usually, the shorter the term, the lower the rate paid, but, also, this creates, since the repayment period is shorter, a higher installment – payment!
4. Conventional 30 years: Usually, conventional mortgages are available in a variety of terms, but the 30-year type is usually the most in demand. Since almost all mortgages no longer have prepayment – penalties, those seeking to repay, in the shorter – term, increase their monthly payment, but have the flexibility to pay the regular amount when it makes the most sense to them. Obviously, since the principal is repaid, over a longer period, the monthly payments are reduced, but, often, lenders charge slightly lower rates for shorter term loans.
I will always tell you what you need to know, not just what you want to hear (MC). This trademark, which I am proud to lead, my professional conversations/interactions, directs me, so that my clients are knowledgeable and informed!
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