What Type of Mortgage Loan Should I Get?
Are you planning on financing your home? If so, you may be wondering what type of mortgage loan you should get because there are a wide variety of mortgage loan options out there.
The reality is that the mortgage loan you choose all depends on your goal for the home you want to buy especially if you plan on living in it as your primary residence or using it as a rental property.
Besides the purpose for the home you plan on buying another important factor to keep in consideration when buying a home is your own personal financial priorities.
What’s the Best Mortgage Loan for You?
As a home buyer, you have a wide variety of mortgage loan options available to you including:
- 15-year mortgage loan
- 30-year mortgage loan
- ARM loans
- VA Loans
- FHA loans
Planning on choosing a 15-year or 30-year mortgage loan? These mortgages will require you to make a principal and interest payment each month while an ARM loan will require you to make an interest only payment each month.
VA loans are for retired or active members of the armed services and FHA loans are mortgages that you may be able to qualify for if you have a credit score as low as 580 and a 3.5% down payment.
Before applying for a mortgage loan it’s also best to review your credit score, pay down any debts to lower your debt-to-income ratio and save money for the down payment on a home.
Let Us Help You Get the Best Mortgage Loan
At Fred Sed Realty we work with a team of lenders who will help you get the best mortgage loan possible.
To get help with choosing a mortgage loan, or to view homes for sale in Southern California, contact us today by calling (800) 921-9231 or connect with us online.