Knowledge is power, especially when you are buying a home. Find the answers you need to help power your home purchase.
What will my payments be?
Before approaching a lender and starting the process of filling out a mortgage loan application, you can benefit from an understanding of the different types of mortgages available and the advantages and disadvantages of each.
Explore Your Loan Options
15-Year Fixed
15-Year Fixed
Fixed-rate mortgages have the same interest rate for its entire term, in this case, 15 years.
30-Year Fixed
30-Year Fixed
Fixed-rate mortgages have the same interest rate for its entire term, in this case, 30 years.
Adjustable Rate Mortgage
Adjustable Rate Mortgage
ARMs have an interest rate that will change or “adjust” from time to time.
FHA Loans
FHA Loans
Managed by HUD, FHA loans are available to all types of borrowers, not just first-time buyers.
USDA Loans
USDA Loans
Rural residents who can’t qualify for conventional financing may be eligible for USDA loans.
VA Loans
VA Loans
Military service members and their families can use a loan program offered by the VA.
Are you Pre-Qualified? Present a stronger offer by working with Herring Bank!
Ready to buy? Request a call and we’ll be in touch.
Did you know you can combine different mortgage types and options for a tailored approach to your home purchase. Ask us how!
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