Joe Bishop, Senior Mortgage Banker, at Fidelity Bank Mortgage is a trusted partner of the AthensGaHomes.com team. Buying a home is one of the biggest purchases most of us make. House hunting can be exciting and disappointing at the same time. Some people find the perfect home in three days, for others, it can take months. We’ve seen it all. And we understand how you feel. Once you finally find the perfect home, let us help you quickly find the perfect mortgage. Click here for Joe’s Fidelity Bank Mortgage page. Contact him today to discuss these types of mortgage loans:
Fixed-rate mortgage – With this common loan, interest rate stays the same over the entire term, usually 15, 20 or 30 years; however, interest rates fall, you could be stuck paying a higher rate.Adjustable-rate (ARM) or variable-rate mortgage- While this type of home loan offers a lower initial rate of interest than fixed-rate loans .. after an initial period, rates fluctuate over the life of the loan, meaning they can increase; however, when interest rates rise, generally so do your loan payments.
FHA (Federal Housing Administration) loan – Allows buyers who may not qualify for a home loan to obtain a loan with low down payment; however, he size of your loan may be limited.
VA loan – Guaranteed loans for eligible veterans, active duty personnel and surviving spouses. Offers competitive rates, low or no down payments; however, the size of your loan may be limited.
Balloon mortgage – These loans are usually a fixed rate loan with relatively low payments for a fixed period; however, after an initial period, the entire balance of the loan is due immediately.
Interest-only- orrower pays only the interest on the loan, in monthly payments, for a fixed term.After an initial period, the balance of the loan is due. This could mean much higher payments, paying a lump sum or refinancing.
Reverse mortgage – These loans allows seniors to convert equity in their homes to cash; you don’t have to pay back the loan and interest as long as you live in the house. Note: these loans are subject to aggressive lending practices and false advertising promises, particularly by lenders that prey on seniors. Check to make sure the loan is Federally insured.