A SOUND ADVICE
A borrower should at least have some idea of his or her down payment when
shopping for interest rates. Some loan programs charge a slightly higher
interest rate for minimal down payments. Plus, the interest rates for different
loan programs are not the same. For example, conventional, VA, and FHA
all offer fixed rate loans. However, the rates vary from one program to
another.
The type of loan program best suited to your needs depends on your
situation. Every loan program has its advantages and disadvantages.
Depending on your current and long term needs whether you want to pay
the least amount of monthly payments or avail of the lowest rate will depend
on several factors such as your FICO score, income, stability of
employment, amount of down payment and debt to income ratio. There are
several flexible loan programs that can be tailored to meet your specific
needs. There are some loan programs that financed up to 100% of the cost
of the property. But the rates may be slightly higher. Excellent credit scores
and a combination of other relevant credit underwriting and risk factors
generally tend to offer the best rate.
Loan programs can be varied and complex to borrowers. Some individuals
prefer to have a fixed monthly payment with either a 15, 30 or 40 year term,.
while others prefer to have an adjustable mortgage rate with interest
payments only spread out over a number of years such as 3, 5, 7 or 10. . Be
sure that you understand the type of loan program offered to you. A caveat
for all borrowers. Consider the prepayment penalty provision and the
number of points you must pay.
Whatever your needs are, a good loan officer should be able to give you
options and alternatives. The final decision is yours to make.
A borrower should at least have some idea of his or her down payment when
shopping for interest rates. Some loan programs charge a slightly higher
interest rate for minimal down payments. Plus, the interest rates for different
loan programs are not the same. For example, conventional, VA, and FHA
all offer fixed rate loans. However, the rates vary from one program to
another.
The type of loan program best suited to your needs depends on your
situation. Every loan program has its advantages and disadvantages.
Depending on your current and long term needs whether you want to pay
the least amount of monthly payments or avail of the lowest rate will depend
on several factors such as your FICO score, income, stability of
employment, amount of down payment and debt to income ratio. There are
several flexible loan programs that can be tailored to meet your specific
needs. There are some loan programs that financed up to 100% of the cost
of the property. But the rates may be slightly higher. Excellent credit scores
and a combination of other relevant credit underwriting and risk factors
generally tend to offer the best rate.
Loan programs can be varied and complex to borrowers. Some individuals
prefer to have a fixed monthly payment with either a 15, 30 or 40 year term,.
while others prefer to have an adjustable mortgage rate with interest
payments only spread out over a number of years such as 3, 5, 7 or 10. . Be
sure that you understand the type of loan program offered to you. A caveat
for all borrowers. Consider the prepayment penalty provision and the
number of points you must pay.
Whatever your needs are, a good loan officer should be able to give you
options and alternatives. The final decision is yours to make.
© 2006 Gold Fortune Realty
GOLD FORTUNE REALTY
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CONTACT US NOW
| (707)299-6405 |
We are totally focused on
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
