Selecting a Mortgage
How can you determine the best type of loan or mortgage product for you? If you have never been through the mortgage process before, don’t worry, we can help you decide.
Purchasing a home for many people is typically considered the largest and most important investment of their lives.
With the recent credit crunch and the contraction of many of the home loans and mortgages that used to be very popular, you want to make sure you are choosing the right mortgage now and for the future.
At Virginia Beach Estates, we take pride in our ability to work with you and your lender to find a great mortgage product with terms that meet your needs.
Our commitment and constant day to day conversations involving the mortgage industry means we keep informed of the latest developments in housing finance. You can rest assured, that all of the best options will be presented to you.
We look forward to working with you and hope that you partner with us to experience a feeling of confidence and security throughout the home buying and financing process.
For starters, we can provide you with basic mortgage information regarding the types of loans you can qualify for.
Because the lending industry has experienced such a tremendous change over the past few years, some of the mortgage products may no longer be available or may be much harder to qualify for.
With that being said, there are many types of mortgages and the right type of loan for you depends on several factors.
- Your current financial situation
- How you expect your current financial situation to change in the future
- How long you plan on keeping your home
- How comfortable you would be if your interest rate increased in the future
When selecting a mortgage which type of loan product or mortgage may be the right fit for you? Take into consideration whether you prefer a fixed-rate mortgage or an adjustable rate mortgage (ARM). An adjustable rate mortgage will have a lower initial payment than a fixed-rate mortgage, but the interest rate and payments can increase over time making your monthly payments increase.
Be sure to discuss all of your finances, current and future plans, and any preferences you may have with your mortgage professional.