It’s fascinating to think about buying a new home for yourself. To do so, you will need to contact a mortgage lender in West Hartford, CT and apply for assistance. You may qualify for a variety of mortgage types. These are three common ones.
Fixed-rate mortgages might be best for you if you like to always know what your payment is. The interest rate and monthly payment stay exactly the same for the life of the loan in a fixed-rate mortgage. A mortgage lender in West Hartford, CT can give you one for 15, 20, or 30 years.
A Jumbo mortgage is a little different from fixed-rate one. It’s a loan that exceeds the federal loan limits. With this type of loan, you might have an affordable monthly payment, but after the first few years, it may jump up to a much higher price. You will have to make sure that you can handle that.
An adjustable mortgage is one that changes according to the market rates. You could have two completely different mortgage rates from one month to the next. The benefit of having an adjustable-rate mortgage is that you’ll have a low fixed rate during the first few years. You will also save quite a bit of money on the interest.
Your lender will talk to you about your options. The two of you can then decide which one is the best for you.
Contact GreyTree Mortgage to see if you qualify for a mortgage to buy yourself a new home.