Getting the Best Miami Home Loans

Getting the Best Miami Home Loans

Are you looking to purchase a new home? If so, you’ll probably need a home loan. Choosing a mortgage can feel like walking in the dark, you have no idea what to expect. First Nationwide Lending can help you see in the dark, by showing you the facts of the matters, and helping you understand the correct loan option, regardless of whether you’re a first time home buyer, or someone whose refinancing/buying another home.

When it comes to getting a home mortgage, buyers have several options.

Fixed-Interest-Rate Mortgage

This is a type of home loan, where the interest rate remains the same for the duration of the entire loan. This is a loan option that makes your monthly costs predictable, and regardless of how the market shifts, you will not be impacted, or have a change in your interest rates.

This type of loan is most commonly taken as a 30 year loan.

Adjustable Rate Mortgage

This type of mortgage is different from a fixed-rate-interest rate mortgage. This type of loan’s interest rate varies, depending on how the market is. In bull markets, typically the interest rate will be lower, but in bear markets, where the overall financial futures look grim, you’ll see your interest rate increase. As lending becomes tighter, adjustable rate mortgages are one of the first loans that see their interest rate increased.

 


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