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Finding the Right Mortgage

Posted on March 9, 2014

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Finding the right mortgage for your Northwest Florida home can be tricky. With so many options from banks and lenders, it is easy to get overwhelmed. It is important to understand what loans are being offered and what they are offering.

Generally, when it comes to thinking about a mortgage, the first thing that comes to mind is the 30-year fixed mortgage. With this conventional loan, you receive one interest rate that you pay back over the course of 30 years. For those who have found a house that they love and plan to love for the next few years, this is an ideal set-up.

If you can afford a larger monthly payment, but still appreciate the stability of your interest rate, consider looking into the 15-year fixed mortgage. Shortening the length of the loan will allow you to save thousands of dollars in interest.

Suppose you struggle with the requirements of a traditional loan, a solution worth looking into is a FHA loan. Insured by the Federal Housing Act, this loan will relieve some of the risk lenders face with home buyers.

It is important to keep in mind that there are other loans out there and even variations of these three typical ones. Contact Brad Shoults today to learn more about your financing options here on the Gulf Coast.

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