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Mortgages and Financing

Mortgages and Financing

Introduction to Loan Options

The kind of mortgage you choose has a big impact on how much you end up paying for your new home — how much you’ll have to pay upfront, your monthly payment amount, and the total cost of your loan over time. It also affects the level of risk you take on. Knowing what kind of loan is most appropriate for your situation prepares you for talking to lenders and choosing the best option for you.

How mortgages work:

Your ideal mortgage will depend on your own individual financial situation and goals. Begin by understanding your options and how different kinds of mortgages work: A loan “option” is always made up of three different things — the Loan Term, the Interest Rate Type, and the Loan Type.

Loan Term

The term of your loan is how long you have to repay the loan — 30-year and 15-year mortgages are most common, but there are plenty of other options, including 10-year, 20-year, 25-year, and even 40-year mortgages.

Your choice of loan term affects your monthly principal and interest payment, your interest rate, and how much interest you’ll pay over the life of the loan. In general, the longer your loan term, the more interest you’ll pay. Loans with shorter terms (15 years, for example) usually have lower interest costs but higher monthly payments than loans with longer terms.

Interest Rate Type

Interest rates come in two basic types: fixed and adjustable rate mortgages. The choice affects whether your interest rate can change, whether your monthly principal and interest payment can change (and by how much), and how much interest you will pay over the life of the loan.

Fixed-rate mortgages have a fixed interest rate for the life of the loan. Adjustable-rate mortgages (ARM) are when the interest rate fluctuates over time.

Loan Type

Mortgages are organized into categories based on the size of the loan and whether they are part of a government program. This choice affects how much you will need for a down payment, the total cost of your loan (including interest and mortgage insurance), how much you can borrow, and the house price range you can consider. The four most common types of home loans are: Conventional, VA, FHA and USDA. For more about each type of loan, click here.

Information provided is deemed reliable but not guaranteed. Speak to a mortgage broker to learn more about which program is right for you. Additional resources are available from the Consumer Finance Protection Bureau to help you have the information you need to make informed financial decisions.

Additional Resources:

Types of Home Loans

Types of Home Loans

Not all home loans are the same. Knowing what kind of loan is most appropriate for your situation prepares you for talking to lenders.
Read more.

Types of Home Loans

Getting Pre-Qualified

Before you begin shopping for a home, you’ll need to meet with a lender to get pre-qualified.
Read more.

7 Missteps To Avoid After Applying for a Mortgage!

7 Missteps to Avoid

Review this list of 7 missteps you should avoid once you’ve applied for a mortgage! Some may seem obvious, but some may not!
Read more.

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"Best in the business! We have used Russ to purchase our winter home in Arizona and soon realized we wanted to upgrade to a larger full time forever home! Alas, Russ worked his magic and found our dream home. Russ is truly one of the best agents we have ever worked with. He is knows this market and we never felt pressure to make a purchase on a house that was not quite what we were looking for. I can’t recommend him highly enough."
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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