Infographic Time: Different Kinds of Mortagages in the US
Most home buyers in the US seek some kind of financing. Occasionally it's through a private loan from a family member or a friend, but most often it's through a lender in the form of a mortgage. We use the word as though it is a singular product - but in fact, there are a multitude of mortgage products available to US Home Loan consumers.
Fixed rate loans in general tend to be most popular - especially with first time buyers - because they translate into a fixed monthly payment, something most people find budget friendly. The remaining types, to include Balloon, Jumbo, and variable rates/adjustable rate, fit more specific financial situations. However, since they exist in the first place, you can count on there being a demand - and folks in those situations will find themselves glad for the option.
A really good lender will match you with the best mortgage for your situation. At Dupuis Team, we can offer a list of lenders we know in the area, and trust to deal fairly with our clients - and (very importantly) meet closing deadlines with funding. Give us a call today, we're always happy to discuss the ins and outs of the real estate process here in Kitsap!