Finding the Right Loan Program for You

Whether you’re getting a mortgage for a new purchase or refinancing your loan, you’ll need to decide which of the loan programs to use. The right choice depends on your financial situation and what your goals are with your mortgage.

Short vs Long Term Loan?

One of your main decisions is how long you want to have to repay your mortgage. The industry standard is 30 years, but 15-year loan programs are very popular as well if you can afford the slightly higher payments. If you don’t anticipate keeping your loan for the whole term, consider a fixed-rate balloon mortgage, which has a large payment due after 5, 7, or 10 years

Lower vs Higher Payments?

If you suspect you’ll have difficulty qualifying for a loan because of low income, an adjustable-rate mortgage or interest only loan may be helpful. A bank will be more open to lending to you if your payments are a smaller percentage of your income, as they are with these loan programs. You’ll have higher payments if you have a shorter loan term.

You don’t need to navigate all of the lending questions on your own. Contact us today at Avis Lending to get professional help choosing the right loan program for your needs.

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