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Mortgages to Consider

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

  • Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.
  • Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs 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. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.
  • Balloon mortgages. These 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.
  • Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

    Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, use online mortgage calculators.

Current fixed rate mortgages are running below 5%....prices are still great......if there ever was a great time to invest in Traverse City Real Estate  it's now!

Buyers: In todays competitive market many homes (especially the "great deals") and properties are sold  even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program directly from the Traverse City multiple listing service and recieve ALL new Traverse City MLS listings or price changes within 15 minutes  of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition!  Looking for bank foreclosured homes or short sales ? Contact me  for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers, sellers and collegues have to say about me on my "Client Testimonials" page.  Traverse City  area residents thinking of  buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering all you have to do in supply me with some basic criteria and I will take it from there! 


Jon Becker - Century 21 Northland

jon@c21jb.com

www.c21jb.com

231-342-5401

 

Posted: Wednesday, July 28, 2010 12:11 PM by Jon Becker

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