4 Type of mortgage loans to consider3/5/2014
Not all mortgage loans are created equal. Not all loan agreements will fit into you financial situation. here are four mortgage types to consider:
Construction permanent lending are ideal for builders needing custom homes. This allows the buyer to select the options that are best suited to his/her situation.
Purchase loans - these loans are geared towards keeping down payment low. They include VA, FHA and Rural development financing.
Refinance loans - homeowners wishing to lower interest rate payments can refinance to get a lower interest rate. 30 year mortgage rates are around 4.30%. If, for instance, you purchased a home at 7% you could refinance and reduce the interest payments on the loan.
Renovation loan - FHA Renovation loan is an excellent source of finance to renovate your home. Another option for renovation is a Home Equity Line of Credit HELOC
Check with your realtor before making a decision on any home mortgage.