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Buying A Second Home
When done right, investing in real estate can be both a lucrative and satisfying endeavor. Whether it’s a cabin in the woods, a place near the beach or somewhere in between, a second home can be a good investment under the right circumstances.
We know that for a lot of us the idea of homeownership feels like “adulting”, permanent and complicated. But it doesn’t have to be that way. And thanks to low down-payment home loan options and favorable first time home buyer programs, homeownership may be more attainable than you think.
Although the 30-year fixed-rate mortgage is most often recognized by prospective buyers, it is not the only option available. The 15-year mortgage product can offer unique benefits and advantages that may help a prospective homebuyer achieve their goals by best matching their financial needs.
Buying a home is typically the largest purchase a consumer will make in their lifetime. Committing to a mortgage is often a long term agreement. It is important that prospective homebuyers take time to carefully establish how much house they can afford and what percentage of income should go towards their monthly mortgage payment.
For potential homebuyers, deciding on what type of mortgage loan is right for your financial needs and goals is a crucial step in the home buying process. One of the most common loan types among mortgage borrowers is conventional loans.
For many prospective homebuyers, selecting a mortgage loan is as important as finding a property to purchase. A fixed rate mortgage loan is a type of mortgage loan in which the borrower is locked in to a defined interest rate over the lifetime of the loan.
Jumbo loans are also known as jumbo mortgages. Jumbo loans can be used as purchase loans, refinance loans or cash-out refinance loans. Eligible borrowers can apply for a jumbo mortgage with either a fixed or adjustable rate term.
Sponsored by the U.S. Department of Housing and Urban Development (HUD), FHA loans are government-backed home loans distributed by private lenders like Mutual of Omaha Mortgage. FHA Loans are a great financing option for first-time home buyers who may have less than perfect credit history or have smaller down payment goals