There are many mortgage loan options available on the real estate market. If you’re searching for a new home, understanding financing options available can give you a bird's-eye view of the best interest rates and overall conditions suiting your personal situation.
One of the most common types of mortgage loans homeowners borrow is a conventional fixed rate loan. This mortgage type is characterized by it’s interest rate that remains the same over the lifespan of the loan.
Around 75 percent of residential mortgage borrowers have a conventional loan, with the most popular term limit being 30 years. However, other term options are available including, 10, 15 and 20 years.
The U.S. Department of Agriculture offers USDA loans to middle and low-income households seeking to purchase property in rural areas.
This loan type is applicable to areas with a population of 35,000 or fewer residents and usually doesn’t require a down payment.
FHA loans are government backed and offered by private lenders which gives homebuyers the opportunity to qualify for a loan whereas they may have not been eligible for a traditional mortgage. FHA loans are more flexible but may come with higher interest rates and a larger down payment depending on your credit score.
There are many types of loans for homes, so take your time while reviewing your options. Consider hiring the help of a mortgage broker to help you compare and contrast your loans best fitting your lifestyle and needs.
Hi, I'm Anna Woods and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
I am a full-service Realtor® since 2010. I serve the High Desert in Southern California.
Prior to earning my real estate license, I earned my Bachelor of Science in Business Administration with an emphasis in Accounting at California State University, San Bernardino in 2002. I found myself not satisfied in my work life, so I sought out a new career. I found happiness in helping families obtain their dream homes. In 2019 I became an Associate Broker.
I moved to the High Desert in 2003, in search of peace and quiet away from the city lights. I found the rural lifestyle in the High Desert. I now have several farm animals and love to garden.