When you dream of having your first home, or when you think it is time to buy a new home as an investment, you begin to think … “But! How do I pay?” Over time have been developed for housing loans of different kinds, in order to respond to the needs and economic conditions more diverse. So that you know and you can choose the most appropriate and the one that best fits your income and opportunities, we will examine the different types of home loans. Types of Loans – Mortgages with fixed interest rate. – Mortgages with adjustable interest rate. – FHA loans. – VA Loans. Mortgages Fixed Rate sta ensures that the interest rate and monthly payments will not undergo any change during the term of the loan.
It has, in general, a payment period between ten, fifteen, twenty, thirty or even forty years. The shorter term loans have higher monthly payments, but you will pay an interest lower in general terms and accumulate capital more quickly. If you want to live in your home for many years and current interest rates are low long-term, it is possible that this mortgage suits your needs. It is important to remember that the mortgage also gives you the maximum interest deduction tax purposes Mortgages Adjustable Rate Mortgage With this type, it is possible that the interest rate you pay is periodically adjusted according to market movements. Therefore, when interest rates fall, your monthly mortgage payments can also be reduced. The mortgages with adjustable rates provide a lower rate than fixed-rate mortgages, which can help you qualify for a loan for a larger balance.
Some mortgages allow, at certain times, convert an adjustable loan to a fixed interest rate. Government Loans There are also two federal agencies that offer loan guarantees by the government: The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) These loans require that the property acquired meet certain basic requirements. FHA Loans With FHA insurance, you can buy a home with a low down payment and even finance the closing costs. The FHA mortgages have a ceiling that varies according to the average cost of housing in the area of your choice. Loans Veterans Administration (VA) If you are a qualified veteran, the VA loan will be very beneficial, since you can buy your house with no down payment, when you get a loan with a fixed ceiling.