Are you searching for some residential home mortgage loans in Lee County?
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Residential home mortgage loans are especially designed for residential purposes as opposed to commercial gains. You can get these loans if you want to construct a home for residential purposes, purchase a home, or buy a piece of land. The best thing is you have various different kinds of residential home mortgage loans to pick from. In this article, we take a look at some of the most popular residential home mortgage loans in Lee County.
For this kind of mortgage, the interest rate stays constant throughout the loan period. The term for a fixed-rate mortgage is generally 15, 20, or 30 years, and you will have to pay the same amount every month during this period.
The benefit of these mortgages is that you can budget your monthly expenses more accurately and manage your finances much better. However, you might have to pay more as interest rates are higher for these mortgages as compared to adjustable-rate mortgages.
These mortgages have varying interest rates depending on market conditions. Generally, the interest rates will stay the same for some years before they start to change for the remaining loan period. These mortgage loans are risky as you cannot predict the behavior of the market. You can potentially save plenty of money on interest payments. However, if the interest rates increase, you might not be able to keep up with the monthly payments.
Federal Housing Administration Loans
Backed by the government, the FHA loans are designed for borrowers who might not otherwise be able to purchase a house. You might be able to get an FHA loan even if your credit score is as low as 500. You will also have to pay two mortgage insurance premiums. You will have to pay the first one up front and the second one on a yearly basis.
Offered by the US Department of Agriculture, these loans are mortgages developed for mid-and low-income buyers in suburban and rural areas. These loans are dependent on income limit caps and property value and don’t generally require a down payment. You even have home improvement loans and grants available. In order to secure these loans, you have to meet specific income limits and buy a home in a USDA-eligible area.
VA loans are flexible, low-interest mortgages issued by the Department of Veteran Affairs to US military veterans and service members. These loans don’t require any down payment or mortgage insurance. All you need to do is pay an upfront funding fee.
Get In Touch with Elite Mortgage Source Today
At Elite Mortgage Source, LLC., we are a full-service mortgage brokerage firm providing an extensive array of loan programs, including the ones outlined above. We collaborate with industry-leading lenders to offer mortgage products developed to your particular requirements.