decisions, giving you peace of mind that you're on the right track and in good hands. Finding the best mortgage deal is even more complicated because mortgage rates change daily or several times daily. Comparison is the key. Please review the types of loans, comparing interest rates and fees, from origination fees to sneaky no-fee loans where the charges are baked in. It's up to you to be the Sherlock Holmes of mortgage deals—be inquisitive!
TYPES OF LOANS
1. Federal Housing Administration (FHA): A home loan mortgage that offers the unique security of being insured by the government and issued by a bank or other lender approved by the agency. This assurance, backed by the government, can give potential homebuyers a strong sense of security. The government's insurance means that if the borrower defaults, the government will reimburse the lender, reducing the risk for the lender and potentially allowing for more favorable terms. It requires 3.5% of the loan amount as a downpayment. 2. The U.S. Department of Veterans Affairs (VA) or Veterans Affairs: A loan program designed to assist eligible veterans and military personnel in buying, building, or refinancing a home. The VA guarantees a portion of these loans, enabling lenders to offer more favorable interest rates—no downpayment required, providing a strong sense of financial security to potential homebuyers and a reassurance that their service is valued. 3. The U.S. Department of Agriculture (USDA): A home loans program mortgages to low-income residents of rural areas who cannot otherwise obtain a conventional mortgage through commercial lenders. No downpayment is required.
4. Conventional: It is any mortgage loan not insured or
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