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Different Types of Mortgages

Even if you have a hefty savings account, chances are good that you will need to take out a mortgage to purchase a home. You do have some choices as to which type of mortgage you would like. If you qualify, government-guaranteed loans such as FHA and VA loans offer the best rates and lowest down payments. Adjustable rate mortgages (ARMs) are attractive to buyers who intend to live in a home for less than 10 years, as the interest rate fluctuates with the market price. Fixed rate mortgages, on the other hand, are attractive to long-term homeowners since the monthly payments remain fixed over the entirety of the loan.

Watch this video to learn more about the different types of mortgages. If you are looking to purchase a home, work with a Southlake real estate agent who knows the area and can help you apply for a new home loan. A realtor can also help if you are selling a home.

Categories: Buying a Home