Types of Home Loan Programs in Arizona
Prospective Queen Creek home buyers have a lot of decisions to make and a lot of things to consider. To make the process a bit easier for you, we have compiled a list of available mortgage programs and what they entail. This section features mortgage program information for East Mesa area home buyers interested in luxury Arizona real estate.
In order to help you with your next home purchase, I have put together a simple review of some of the major mortgage programs.
Variable or Adjustable-Rate Real Estate Mortgage
Also referred to as ARM mortgage, Variable Rate or Floating Rate Mortgage, the loan rate is often fixed for an initial short period of time before the rate becomes variable. In a 3/27 mortgage, the rate is fixed for the first 3 years and then becomes a floating mortgage for the remaining 27 years of the loan and will change periodically depending on its margin and relating index.
With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. Many ARMs have a short fixed period and then become truly adjustable. The rate of the loan is based on adding points to a fixed base.
Fixed-Rate Real Estate Mortgage
With this type of loan, the interest rate remains consistent throughout the term of the loan. Unlike an ARM home loan, there will not be any fluctuation of the interest rate based on determining factors.
Balloon Real Estate Loan
A balloon loan is a real estate loan that sometimes involves small interest-only payments for a short amount of time and a lump sum or large payoff due at the end of a specified term, such as 10 years.
This type of mortgage is most common in commercial or investment properties and normally encourages an individual to refinance prior to the end of the term of the loan.
Jumbo Real Estate Loans
A jumbo loan is any residential or commercial loan exceeding the guidelines of Fannie Mae and Freddie Mac.
FHA Real Estate Loans
An FHA loan is a type of home loan in the United States that is insured by the Federal Housing Administration.
VA Real Estate Loans
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
There are many contributing factors to which mortgage loan is the right fit for you, your home and your personal situation.
We gladly help you with all your real estate or home financing needs. Please fill out the form below. There is no obligation and we keep your information confidential. Should you require further assistance or have questions regarding real estate refinancing options for your properties in Queen Creek, Mesa, Chandler, Gilbert, Gold Canyon and surrounding areas, you may fill out the form as well. We are looking forward to working with you.
In order to assist you with any of your home financing needs, we have provided you with this simple form. Thanks again for visiting and please note that your information will be kept strictly confidential.
The Quick Gilbert Real Estate Mortgage Form
In order to assist you with any of your mortgage needs, I have provided you with this simple form. Thanks again for visiting and please note that your information will be kept strictly confidential.