If you are interested in purchasing property or land, chances are you will need some type of loan. Finding the right loan will take time and will differ depending on your financial needs. There are many different factors to consider. Here are a few things to think about.
- Your current financial status.
- How you believe your finances will change over time.
- How many years you plan on keeping your house/land/income-property.
- Would you be comfortable if your mortgage payment changed over time?
To find the best method of financing you should contact a mortgage professional. He or She will be able to discuss your finances, your future plans, and the amount of risk you want to take on. To get started, here are some different types of Loans, and information on how they work!
- Fixed Rate Mortgages.
- Standard ARMS and the Differences between them.
- Balloon Mortgages.
- Cost of Funds Index (COFI).
- Interest Rate Buy Downs.