There are many types of home loans and each has it's advantages. Here are some of the more popular types of home loans available in Arizona:
Fixed-rate mortgages These are mortgages where the interest rate stays the same for the entire term of the loan which is usually 15 or 30 years. One of the major advantages of a fixed-rate mortgage is that if the rates go up, yours stays the same!
Adjustable-Rate Mortgages Here the rate of the loan can change throughout the term of the loan. Although ARMs are one of the reasons the real estate market has seen turmoil over the past few years it can be advantageous to certain buyers to utilize this type of loan.
Hybrid loans A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependant on current rates.
FHA real estate home loans FHA loans are becoming very popular due to their low rates, low downpayments needed, and favorable terms. FHA stands for Federal Housing Administration.
VA real estate home loans VA loans are usually available only to veterans, spouses, or active military personnel. Usually VA loans offer very favorable terms and rates.
