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Types of Mortgages and Their Advantages

Your home is inarguably one of your biggest assets, so making informed decisions with respect to mortgage programs and options is crucial. There are long term loans and short term loans, both of which offer advantages depending on your circumstances.

A few points to consider: Fixed rate mortgages will remain the same for the lifespan of your loan. If you plan to stay in a home, you might want to consider this option. Typically, adjustable rate mortgages have lower initial interest rates than a fixed rate mortgage. Always keep the cap (sets a limit on how high your interest rates can go) in mind when choosing an adjustable rate mortgage. Jumbo loans are non-conforming loans whose maximum loan amounts are higher than normal. Jumbo loan requirements are stricter; however, the limits are higher.

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There a numerous mortgages to choose from. Are you ready to buy? If so, contact us. We can put you in touch with some of the best lenders in the area.