Thinking about buying a new home? Wondering what type of loan to get? Probably not. To be honest when people are buying a home, generally the type of loan they get is an after thought. But the truth is, the type of loan you have is incredibly important.
Not only are there different types of loans, there are different types of terms for similar loans. Take your standard 30 year fix for example. A fifteen year is going to operate by the same rules, however the amortization schedule is more aggressive and you start off by paying large amounts of principal in the very beginning. You’ll pay off your home much quicker. The same can be said by signing up for a bi weekly mortgage payment, as apposed to monthly. In this scenario, you’ll essentially be making an extra mortgage payment every year.
I know there is a lot of information to digest here, and there can be some intimidating jargon laced through the post. But, hey, That’s why we’re here! If you have any questions on this, contact myself, Jeremy or Dave at The GreenHouse Group and we’ll be more than happy to explain the variety of these programs in terms that relate to you.
858.273.3663. ext 114