Which Home Loan Is Right For Me

Two angles facing right. a home is harder than it was for their parents’ generation. Millennials buying their first home today are likely to pay 39% more than baby boomers who bought their first.

The right home loan for you. Home loan products vary greatly and are a significant financial decision, so it pays to do your research upfront to choose the right loan, with the right benefits for your situation. It also pays to reassess your requirements at key points over the life of the loan to make sure it’s still the best loan for you.

Mortgage Types Choosing the right mortgage for you. Now more than ever, choosing the right mortgage loan for you is the most important part of the home ownership puzzle. Although there are many different mortgages available, they all fit into only a few basic varieties.

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The age old question: "Which mortgage is right for me?" When shopping for a mortgage, whether it’s a new purchase-money mortgage or a refinance, knowing which loan type to pick and why is absolutely paramount. After all, the choice you make today will affect your checkbook for years to come.

A One-Time Close loan (sometimes called a single-close loan) combines the construction loan with the permanent financing at the beginning of the home-building process. Once the initial loan is approved and funded, Gateway begins disbursing money ("draws") for the construction phase of the loan.

Adjustable-Rate Mortgages. An adjustable-rate mortgage (ARM) might be right for you. These loans come with lower rates than the 30-year fixed option. Yet, the rate is still fixed for a certain amount of time – usually 5, 7, or even up to ten years. It saves the buyer considerable amounts over that time.

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If you are shopping for a loan, ask yourself these questions to help you find the right loan: What do I hope to accomplish? If you want to consolidate or refinance existing debt, for example, then it is important that your new loan is at a lower interest rate than your current loan(s) so you save money in the long run.

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