Financing Your Home

Because houses are so expensive, most people need a loan to buy one. This type of loan is called a mortgage. Interest rates continue to hover near record lows and it’s never been easier to finance your home purchase. In today’s changing mortgage climate, it’s important to have a loan and a payment that’s designed for your needs today and tomorrow. There are may options for different types of loans when purchasing a new home:

This loan is a good option for people who want the stability of a payment that won’t change. With a fixed-rate mortgage, your principal and interest payments remain the same for the duration of the loan, although property taxes and insurance costs may increase.

Adjustable-Rate Mortgages (ARMs)

ARMs generally offer lower initial interest rates than comparable fixed-rate mortgages, which can increase your purchasing power. ARMs can make sense if you plan to move to another home or refinance in the relatively near future. This allows you to take advantage of the lower initial rates and payments at the early part of the loan before you see any significant increases.

Government Loans

The Federal Housing Administration (FHA) and the U.S. Department of Veteran's Affairs (VA) offer government-insured loans. These loans have low down payment requirements and more flexible guidelines that make them easier for first-time buyers to obtain.

How Much is My Home Worth

Adjustable-Rate Mortgages (ARMs)

Government Loans