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Rick Fuller Realtors, Inc

Top Real Estate Agent Antioch CA, Antioch CA Homes for Sale, Antioch Ca Real Estate, Realtor in Antioch CA

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Understanding Mortgage Types

May 7, 2019 By Rick Fuller Realtors, Inc

#28 Mortgages

Is it time to purchase your own home? Looking for the perfect loan on your new home is vital in this process, so our Rick Fuller Real Estate Team has come up with some of the different types of loans out there as well as a description of each loan, take a look!

There are advantages and disadvantages to each different loan type, but also you can choose the loan that fits your budget the best! You may hear the phrase “fixed rate mortgages,” What does this mean? Your interest rates remain constant throughout the entire life of your loan, leaving your monthly payment the same every month. Next, you may hear the phrase, “Adjustable Rate Mortgages”, normally these start with a lower rate than a 30-year fixed loan and it lasts for a predetermined period of time, after said time your rate can increase or decrease depending on the index rate of your loan. This loan can be good if you don’t see yourself owning the property for a long period of time!

An FHA Purchase is insured by the Federal Housing Administration (FHA). Designed for obtaining primary residence, and the owner must occupy this home. The benefits to an FHA is a lower minimum down payment and flexible income requirements. Next, a Conventional Purchase is provided by the government-sponsored entities, Fannie Mae and Freddie Mac. This offers competitive rates, and Lender paid private mortgage insurance. A VA Purchase provides veterans and/ or their surviving spouses with a federally guaranteed home loan. A USDA Purchase is designed for rural residents to purchase a home. Lastly, a Jumbo Purchase is a loan that you are able to finance a home that is over the loan amount established by Fannie Mae and Freddie Mac. 

The Rick Fuller Real Estate Team prides itself on our dedication to our clients. Meaning down to the lenders we work with, we offer the best loan options available for you. Allow our team or Real Estate specialists to set you up with a great lender and help you with all your home buying or selling needs!

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Filed Under: Richmond Real Estate Blog

Find Your Dream Home

Need a Mortgage?

Contact Cyndi Donnally
Loan Officer NMLS #2054920
Coole Home
Direct: 925.864.4478
Email: c.donnally@coolehome.com
Apply Now Coole-Homes eho

Need a Mortgage?

Contact Angela Clark
Loan Officer NMLS #958355
Supreme Lending NMLS #2129
Direct: (925) 448-3932
Cell: (925) 597-1293
Angela.Clark@SupremeLending.com
AngelaClark.SupremeLendingLO.com
Apply NOW!
Supreme-lending
eho

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Contact & Location

Rick Fuller Inc., REALTORS®
Antioch Real Estate Agents
Lic #01874995
5079 Lone Tree Way
Antioch, Ca 94531
(888) 950-RICK (7425)

Richmond Location

Rick Fuller Inc., REALTORS®
Richmond CA Real Estate Agents
Lic #01874995
3150 Hilltop Mall Rd
Richmond, CA 94806
(888) 950-RICK (7425)

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Concord Location

Rick Fuller Inc., REALTORS®
Concord CA Real Estate Agents
Lic #01874995
1320 Willow Pass Rd Suite 600
Concord, CA 94520
(925) 305-3386

*As of 5/30/19, Ranked #1 Real Estate Team in the 9 counties comprising the SF Bay Area and Sacramento County for most recent sales in the past 12 months according to Zillow*

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