December 11, 2024
The most important thing to consider when buying a home (or any property for that matter) is what type of mortgage best suits your needs. The number of mortgages available is a lot larger than most people realize, and it is important to understand the differences between them, their advantages, and disadvantages. A couple of things to consider when looking into getting a mortgage are: the size of the loan, the interest rate and associated points, the cost of the loan, the Annual Percentage Rate (APR), the type of interest rate and whether it can change, the loan term (normally this ranges from 10 to 30 years), and whether the loan has other features that may not benefit you (this includes things like pre-payment penalties, a balloon clause, an interest-only feature, or negative amortization). Getting a mortgage isn’t always easy, but we’re here to help. Let’s discuss mortgages in detail so that you have all of the information necessary to make an informed decision about which type of mortgage is right for you!