As a top mortgage company in Tennessee, we at Mortgage Investors Group are here to do more than simply just supply you with avenues to home financing. We’re also here to help match you to the perfect loan situation for your desires to help you and your family get exactly what you need.
How do you go about matching a given mortgage to your desires as a homebuyer? Let’s look at a few important areas.
Goals
One of the first things we’ll talk to you about when we meet is a breakdown of your goals as a homeowner. We’ll ask you things like how long you plan to live in the home, whether you expect any major income changes or lifestyle changes during that time, and what your investment strategies are – are you aggressive or more conservative?
Because of the wide array of options available in the mortgage world, answering these questions with as much accuracy as you’re able is important. They’ll help guide you and your advisors toward the proper solution.
Loan Types
Once you have a clear picture of the sorts of goals you have for your mortgage, you can start looking at a few of the common loan types out there. These include:
- Fixed rate: Loans with a set interest rate that remains the same throughout, regardless of market factors. Perfect for conservative buyers who want to work to long-term financial goals.
- Adjustable rate: Loan with a lower fixed rate to start, but then the possibility of annual fluctuations. These are often great for people who won’t stay in the home long.
- Interest-only: These have interest payments only for a set term, then full payments after that. This is another that’s good for quick flippers, or for those who have inconsistent monthly income.
- FHA or VA: These are government-backed loans that can help qualified buyers get mortgages with much less stringent down payment and qualifying guidelines. First-time homebuyers should look into their eligibility for these and any similar programs.
Next Steps
From here, you and your loan advisor can work to find a great mortgage lender and move forward. To learn more about how we can help, speak to the pros at Mortgage Investors Group today.
