Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.
Today, we want to talk about a few types of long term mortgages that most buyers use when they decide to purchase a house. There are a few different options out there, and depending on your situation, you could get a really nice loan and interest rate in this market.
Conventional mortgages are probably the most popular kind. There are a lot of options on this loan as far as down payments go. You can choose to pay 3%, 5%, 10%, or 20% down. The advantage of putting at least 20% down is that you can avoid the private mortgage insurance that you would have to pay with a rate any lower than 20%.
There are a few options for mortgages that don't require a down payment. VA loans are for active duty military or veterans. This loan comes with no down payment as a way to thank military members for their service. Another option for a no money down loan is a USDA loan. The catch with a USDA loan is that it has to go towards a rural development property.Nothing in Clark County qualifies, but there are properties close by that do qualify. Give us a call if you are interested in this type of loan and we can let you know where it will work.
One of the other most popular types of loans are FHA loans. They can be obtained with a little lower credit score and you can have this loan with only a 3.5% down payment, with closing costs being rolled in.
If you've been thinking about buying, now is a good time. Interest rates are really low, and they will increase soon. Locking in a rate now could save you thousands down the road. If you have any questions at all about mortgages or anything else real estate related, let us know. We'd be glad to help.
