If you have any questions or need more detailed information, please feel free to contact me via phone at 253.820.2745 or fill out the form to let us know how we can help with your real estate needs.
15 Oregon Ave Suite 107 D
Tacoma, WA 98409
Phone: (253) 820-2745
Fax: (253) 683-4877
Buying a home is a fun and rewarding experience, paying for it shouldn't be a nightmare. Unless you are planning to pay cash for a home, you will need a mortgage. Here are some tips on how to pick the right one for you.
Let's cover the three basic types of mortgages:
1. FHA Mortgage- Commonly referred to as an "FHA Loan" Fha mortgages are administered by HUD and have increased in popularity over the past year. With a low 3.5% required down payment, it's a popular option for first time buyers and move up buyers alike.
2. VA Mortgage- Guaranteed by the VA, these zero down loans are available to qualifying active duty and military veterans. It's important to note that the VA does not actually loan money for home purchases, they simply guarantee the loan. VA loans are available through many local lenders. Rates and terms will vary from lender to lender.
3. Conventional Mortgage- Conventional mortgages make up the bulk of the loans taken by move up buyers. Generally, they require a larger down payment than FHA mortgages, but offer great flexibility. Mortgage insurance is not often required with Conventional mortgages.
Need help choosing the right mortgage product for your next home purchase? Contact NW Home Brokers @ 253-820-2745 for a referral to a local lender.
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