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fawesomeapps
Posted by fawesomeapps
November 20, 2021

Some loans offer a fixed interested rate, one that does not change over the loan term

Some loans offer a fixed interested rate, one that does not change over the loan term

Are you ready to move into your first home? If so, you’re not alone — 36% of Americans plan to buy a house in the next five years. Before you apply for a mortgage, it’s important to learn the fundamentals of home loans.

First, choose a loan term that works for you. Fifteen- and 30-year loans are typical, though other terms are available. A short-term loan comes with higher payments. However, you’ll likely receive a lower interest rate and pay less overall. A long-term loan has lower monthly payments, but a higher interest rate and total cost.

Interest is another crucial factor. A variable rate, on the other hand, starts low and increases with time.

Now that you understand loan terms and interest rates, discover the different types of loans available for first-time home buyers.

Conventional Loans

Do you plan to move into a home and stay put? If so, a conventional, 30-year loan with a fixed interest rate is an attractive option. Regardless of fluctuations in the real estate market, your mortgage and interest rate will remain the same.

You’ll find two different types of conventional loans — secured and unsecured.

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