One of the biggest challenges many homebuyers face is selecting a home financing option. There are a number of different mortgage options available, including (but not limited to):
- Conventional loans
- Adjustable Rate Mortgages
- FHA loans
- VA loans
Continue reading to learn more about each type of home financing option—or contact the experts at Coakley Realty today to get more information about the different loan types. Fill out the form to the right or call 301-637-0966 to talk to a professional.
Some of the most common mortgage options in the DC metro area are:
These are one of the most standard types of financing options available. They generally require a 20 percent down payment and can be paid off in 15, 25, or 30 year terms. The interest rate for this loan stays the same over the course of the loan.
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages are especially common among first-time homebuyers who are planning to move or refinance within 3 – 5 years because the loan features a low initial interest rate that usually increases over time. The length of these loans varies based on the lender.
FHA loans are increasingly popular—particularly with young first-time homebuyers—because they require a very low down payment. The down payment can be as little as 3 percent; however, these loans require mortgage insurance to protect the lender over the entire duration of the loan. The length and interest rate on these loans varies based on the lender.
Veteran Administration (VA) Loans
These loans are available to qualified veterans of the United States Armed Forces and National Guard. They can exceed $200,000 without the need for a down payment and tend to have flexible underwriting guidelines. The payments are fixed for the full term of the loan, and the interest rates vary by lender.
Learn more about your home financing options by visiting one of the following links:
Learn More About Your Home Financing Options
If you’re planning on buying a home in MD, VA, or DC, learn more about your home financing options by calling the experts at Coakley Realty. We can help point you in the right direction when finding a lender.
Contact us online or by phone at 301-637-0966 to schedule an appointment with one of our real estate agents.
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