What Do These Trends Mean?
Very simply, it means that you can’t trust what you hear on the radio: these are the actual mortgage rate trends of newly originated mortgage loans from across the country. The data is taken from thousands of banks and other mortgage companies each day, and this chart represents the data from the previous day’s market.
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Which Mortgage is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we’re here to help you choose the best type of home loan for your needs.
The most common type of mortgage loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions.
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle.
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time then becomes fixed for the remaining duration of the loan.
Loan Program Options
FHA Home Loan
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates.
If you’re looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan.