You might be thinking about buying a home if you live in the Jacksonville Beach area. That’s a wonderful venture for anyone, and you can qualify if your credit and financial situations are up to par. The following are some of the types of mortgages for which you may apply:
Adjustable Rate Mortgage
An adjustable-rate mortgage is one that may change over the years. The interest rate depends on market trends. Some people choose adjustable-rate mortgages because they offer a lower interest rate in the beginning. It might be right for you if you want to save money at the beginning of your loan. However, you must keep in mind that the interest may go up over time.
Fixed Rate Mortgage
A 30 year fixed mortgage in Jacksonville Beach is something that you might prefer. The 30 years fixed mortgage in Jacksonville Beach offers much more stability to you, as its interest rate will never change. This might be something you prefer if you always like to know exactly how much your monthly payment will be.
FHA mortgages are also available, and they might be better for you if your credit score is on the lower end of the spectrum. You could qualify for such a mortgage with a score as low as 500, and you may only have to submit a down payment of 3.5 percent of the home’s purchase price. It’s something to think about if you’re seeking to buy a home sometime soon.
Contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at https://themortgageladyteamfairway.com if you’re ready to buy a home, and you want to know if you can qualify for a mortgage.