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MORTGAGE INFORMATION
How to Choose the Best Mortgage
Save money and manage your risk
Purchasing a home involves many financial decisions. Because the interest on a 30-year loan can add up to more than the purchase price, choosing an appropriate mortgage can be the most important of these.
Carol Wilson can provide up-to-date guidance on mortgage financing during the current credit crunch. A Residential Finance Specialist, she also has direct access to mortgage loans for qualified buyers.
Fixed-Rate? ARM? FHA? VA? Texas Veterans? Conventional?
There are many mortgage products available, and several factors can help determine which is best for your particular situation. Carol rarely recommends adjustable rate mortgages, because of the risk involved in a mortgage with an interest rate that might cause your loan payments to increase beyond what you can afford. But even among fixed-rate mortgages, there are many choices. Ask yourself...
- How soon would you like to have your loan retired? If you dream of early retirement, you may opt for a loan with a term of 15 or 20 years, instead of the traditional 30-year loan. These loans typically offer savings on the total interest paid, but your loan payments will be higher.
- Are you a US veteran? If you have served in the armed forces, you may qualify for Veteran's Administration loan. And, if you entered the military with Texas as your home base, or are a veteran who has lived in Texas for the past 12 months, you may qualify for an especially attractive interest rate through the Texas Veterans Land Board program. Ask Carol about it!
- Is this your first home? If so, an FHA-insured loan may offer the best interest rate and require the lowest down-payment.
In order to approve your loan, a lender will need to check your credit history and know how much money you have for a down payment. On the basis of this information, they will quote your interest rate.
Besides the interest rate, compare closing costs and discount points in order to determine the best mortgage for you. Carol can guide you through this process and use her 20+ years of experience to help you save money and manage your risk.
Call Carol at 903.574.5391 now to find out more about qualifying for a new mortgage.
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