Mortgages may seem daunting to the uninitiated, but in reality, they're pretty straightforward. The basic premise of a mortgage is taking out a loan to purchase a home and within this premise, there are many paths to take to home ownership. Today, we'll look at these different paths as we'll cover the different types of mortgages that are out there to choose from.
It's also worth advising to use a trusted mortgage broker when looking for your home loan, as there are many different loan types available and it can be daunting trying to deal with all the banks and lenders. As the name implies, jumbo mortgages are high-ticket item mortgages geared toward expensive properties. The loan term APR rates can either be fixed or adjustable and have special terms to qualify for the mortgage.
Borrowers must have a credit score of 700 or higher and are also required to have at least 10% down payment on the property. VA Mortgages are backed by the Department of Veterans Affairs and this kind of mortgage is perfect for veterans of the armed forces.
It's also worth advising to use a trusted mortgage broker when looking for your home loan, as there are many different loan types available and it can be daunting trying to deal with all the banks and lenders. As the name implies, jumbo mortgages are high-ticket item mortgages geared toward expensive properties. The loan term APR rates can either be fixed or adjustable and have special terms to qualify for the mortgage.
Borrowers must have a credit score of 700 or higher and are also required to have at least 10% down payment on the property. VA Mortgages are backed by the Department of Veterans Affairs and this kind of mortgage is perfect for veterans of the armed forces.
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