Know About Payment & Loan Options For Mortgages

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Introduction

• When you decide to buy a new home, it is both
  exciting tedious task. There is a lot of
  research that homeowners do before buying the
  home. After you find your dream home, it comes to
  choosing the right loan plan that fits in your
  budget. Well, its not as tiresome as it sounds.
  You can easily opt for a suitable mortgage plan
  after you work on your finances, budget, and
  credit score. If you are buying a home in
  Massachusetts, you can find many first time home
  buyer programs MA at Drew Mortgage. However, In
  this presentation, explore the various loan
  option available for you.

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• CONVENTIONAL MORTGAGE

• Conventional mortgage (fixed-rate mortgage) is a
  highly recommended mortgage.
• The fixed interest rate makes monthly payments
  easy.
• The payment terms are over 15 to 30 years.
• You can adjust your mortgage payment by
  refinancing your loan.
• These loans are not backed by the federal
  government.
• Mortgage insurance is also not available.
• Hence, you will have to make monthly payments
  without fail.

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• ADJUSTABLE-RATE MORTGAGE

• The interest rate is adjustable and it depends on
  the economic inconstancy.
• This mortgage can be more expensive than
  conventional loans.
• The mortgage payment is tailored as per the
  market rate.
• Interest rates are low in the beginning for a
  defined period.
• The payments get surprisingly high with passing
  duration.
• The loan duration is either 1, 5, or 7 years.
• This mortgage is good for home buyers with
  increasing incomes.

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• FHA LOANS

• Federal Housing Administration(FHA) loans are
  endorsed by the government.
• People with tainted credit or with low incomes
  are eligible for this loan.
• All FHA loans require the borrower to pay two
  mortgage insurance premiums
• Upfront mortgage insurance premium
• Annual mortgage insurance premium
• The insurance premium cannot be terminated at any
  stage.
• FHA loans closing cost is only up to 3 to 5
  percent.

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• INTEREST-ONLY MORTGAGE

• The interest-only mortgage enables homeowners to
  only repay interest.
• The interest repayment period is usually 5-7
  years.
• You only pay smaller monthly payment in this
  duration
• Later, you can pay a lump sum, refinance a home
  or pay the principal amount.
• You may face a problem once the interest-only
  payment option is over.
• The mortgage payments will increase may hamper
  your finances.

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• Conclusion

• We understand how difficult it becomes for first
  time home buyers to choose the right loan option
  for themselves. It is better to check your
  finances and then opt for a loan. You can get in
  touch with Drew Mortgage, a loan mortgage
  service provider. We can help you find the best
  mortgage through our first time home buyer
  programs MA. If you are looking for a home in
  Massachusetts, get in touch with us. We will do
  our best to ease out the home loan process.
• To know more details on loan options visit
  https//www.drewmortgage.com/payment-and-loan-opti
  ons-for-mortgages/

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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