This is the time of year the Federal Housing Administration (FHA) announces its new loan limits for the upcoming year, as well as any other changes to FHA loans available through FHA-approved lenders.
So, you found the home of your dreams. However, it's valued at more than what a traditional loan may permit. No worries. There's a unique solution for that—it's called a Jumbo Home Loan and you can learn more about it here.
When deciding between a 5/1 adjustable rate mortgage (ARM) and a 10/1 ARM, the distinction between the two is the initial fixed interest rate period.
A 5/1 ARM home loan is designed to provide a lower interest rate initially. This interest rate will be fixed for the first five years of the loan.
Purchasing a fixer-upper can do more than satisfy your housing needs.
VA home loans help Veterans and service-members buy homes. These service members and women fought for our dreams, and now it's time we help theirs come true.
If you want to pay off your 30-year Fixed-Rate loan in half the time, a 15 -year Fixed-Rate Mortgage may be your best option.
The two most common fixed-rate loan durations are 15 and 30 years. Whether you want a shorter or longer loan term will depend on your financial situation.
The main advantage of an ARM is that for the initial payment period of the loan, you are paying a very low interest rate and have much more affordable monthly payments.
If you're wondering which loan is the right choice for you, this guide can help you understand your options.