![]() ![]() A different company may offer you a better deal this time around. You don't necessarily need to refinance with the same lender you used for your initial mortgage. Rates are at historic lows right now, so it could be worth it to switch your current mortgage for one with a lower rate - especially if the new rate would be significantly lower. Veterans Affairs mortgage:These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.United States Department of Agriculture mortgage:These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan.Additionally, you can apply for one of these federally backed mortgages, provided you qualify: You must get your mortgage with a participating lender to get assistance. ![]() Receive up to 5% of your mortgage amount with a HOME+PLUS program, and use it for a down payment and/or closing costs. ![]() You can get financial assistance from the Arizona Industrial Development Authority. Plug in today's rates and term lengths to see how much home you can afford. Paying an additional $500 each month would reduce the loan length by 146 months.Lowering the interest rate by 1% would save you $51,562.03.Paying a 25% higher down payment would save you $8,916.08 on interest charges. ![]()
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