If you’re wondering about mortgage options, then you may likely be considering the purchase of a house. Whether it will be your primary residence, a second home, or even an investment property, you’ll probably need a mortgage to purchase your home. This may leave you doing a Google search for the “best mortgage lender near me” and your search will probably return many options, both local and otherwise.
If you are just starting your search for a mortgage lender, then you probably should familiarize yourself with the options they likely offer. Some lenders may specialize in certain types of mortgages while others offer multiple options. Most mortgage lenders offer several options to meet the needs of their changing clientele.
Here are some of the specific options you can expect to see from a lender after you search for the “best mortgage lender near me”.
Fixed Rate Mortgage Options
A fixed rate mortgage is an umbrella option which can include other types of mortgages, like conventional loans or government backed loan programs. A fixed rate mortgage offers multiple advantages for the borrower who chooses to use it. It offers various types of repayment terms and flexible credit options to qualify.
The interest payments stay the same with a fixed rate mortgage so the borrower knows exactly how much their monthly payment will be and the amount of those payments do not change. Many fixed rate mortgages can be obtained without closing costs.
Adjustable Rate Mortgage Options
An adjustable rate mortgage is often called an ARM and can be used to purchase or refinance a home. Borrowers can usually get an adjustable rate mortgage for a conventional or jumbo home loan. It starts with an interest rate that is usually lower than the fixed rate amount for a specific period of time. After this time period, the interest and principal payments are then adjusted to reflect index changes. This means that the payments required from the borrower also change over time.
Specialty or Government Sponsored Mortgage Options
There are multiple specialty or government options offered by most mortgage lenders to suit the financial needs of multiple customers. Some lenders offer specialty programs to help lower income borrowers achieve home ownership or to encourage home ownership in lower income geographical areas of town.
Many lenders offer specialty construction to permanent loans to help people build new homes or complete a major renovation on an existing home. Government backed loans like VA loans or rural development loans are also popular with many lenders. These are specialty loans backed by government agencies to make home ownership more accessible.
Find the Best Mortgage Lender Near Me Today
When you find the ideal mortgage lender for your needs, they will likely offer multiple mortgage options. Depending on your specific goals and financial needs, your mortgage lender should have multiple options to help make home ownership a reality. Each mortgage will have its own specific requirements and benefits for the borrower. Search for the best mortgage lender near me today and see which mortgage option best suits your specific needs for home ownership.