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Fixed or
adjustable interest rates. A fixed
rate allows you to lock in a low rate for as long as you hold the mortgage and
is usually a good choice if interest rates are low. An adjustable-rate mortgage
(ARM) is designed so that interest rates will rise as interest rates increase;
however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to
how much the interest rate can be increased and how frequently they can be
raised. ARMs are a good choice when interest rates
are high or when you expect your income to grow significantly in the coming
years.
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Balloon
mortgages. Balloon mortgages offer
very low interest rates for a short period of time-often three to seven years.
Payments usually cover only the interest, so the principal owed is not reduced.
However, this type of loan may be a good choice if you think you will sell your
home in a few years.
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Government-backed
loans. Government-backed loans,
sponsored by agencies such as the Federal Housing Administration (www.fha.gov)
or the U.S. Department of Veterans Affairs (www.va.gov), offer special terms,
including lower downpayments or reduced interest
rates-to qualified buyers.
ADVANTAGE JANES REALTY cooperates fully with all other real
estate companies and we have access to all available listings in our area. As experienced Real Estate professionals, we
will provide the dedication, honesty, and outstanding service that each client
deserves. I look forward to working with you.
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