Shop Loan Programs and Rates
What loan program is best for your situation?
Lenders offer many different loan options:
- Think about how long you plan
to keep the loan. If you plan
to sell your home in a few years, you
may want to consider an adjustable rate
or balloon loan. If you plan to keep your
home for a longer time, you may want to
consider a fixed rate loan.
- Understand the relationship
between rates and points. Points
are considered prepaid interest and may
be tax deductible. Each point is equal
to 1 percent of the loan. For example
1 point on a $150,000 loan is $1,500.
The more points you pay, the lower your
rate.
- Compare different loan programs.
With so many programs to choose from,
it's hard to figure out which program
is best for you. Consult an experienced
loan officer who can help you find a loan
program that best fits your short- and
long-term plans.
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