Nowadays there are so many loan options that you are bound to find the right for you!

You can choose the type of loan or the options for your down payment.You just have to think which one suits your needs!

The choice of the Home Mortgage Loan Type

At first you should at least try to understand all of your loan choices and decide on the best suitable. Don`t worry we will be there to help you but you ought to have an idea of its type.

• 30 year fixed (interest and mortgage payments remain the same for 30 years)
• 15 year fixed (interest and mortgage payments remain the same for 15 years)
• ARMs (interest and mortgage payments adjust at a specified time and frequency)
• Interest Only (fixed or adjustable rate mortgages, usually 5 to 10 years)
• Payment Option “flex pay”(mortgages where you have the option of paying different amounts each month)
• Balloon (fixed short-term mortgages, following the amortization schedule like traditional long-term fixed mortgages, commonly 3,5 or 7 years)

The choice of a down payment option

The down payment is often the biggest obstacle for the beginners in the field of home-buying.That`s why we prepared the main options so that you could choose the right for you.

PMI(required insurance that you must obtain if you put less than 20% towards your down payment, it protects the lender in case you aren`t able to pay,it doesn`t increase your equity,the beneficiary is the lender, you might have to pay PMI to buy a house you can`t afford)

• PMI paid monthly. This is the most common way to pay PMI as it doesn’t require more money at closing.
  

• PMI paid at closing Paying at closing costs around 2.2% of the home’s value and can be paid all at once during closing or you can choose to add the upfront cost to your monthly mortgage.
  

• Piggy-back loan. This involves getting two loans, usually one for 80% and a second for 10%. Getting a second loan allows you to pay only 10% for the down payment and avoid paying PMI.
  

• 20% down Putting down 20% of the home’s value is a great option if you have the cash. By putting so much down, you can a more expensive home.It is also possible to lower your monthly mortgage payments.