480-252-8300 Email Us
Homes by Email
Be the first to see new listings as soon as they hit the market!
Sign Up Now
6201 E Cave Creek Rd, Suite B
Cave Creek, AZ 85331
Getting the right type of real estate home loan is an important part of the home buying process. In this section we have put together some basic information regarding the types of real estate home loans that are common in the market today.
Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.
With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.
A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependent on current rates.
Balloon Real Estate Loan
A balloon loan is a real estate loan where there is a lump sum due at the end of the loan. This normally encourages an individual to refinance prior to the end of the term of the loan.
Jumbo Real Estate Loans
A jumbo loan is any residential or commercial loan exceeding the guidelines of Fannie Mae and Freddie Mac.
FHA real estate home loans
An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.
VA real estate home loans
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
There are a few down payment and closing cost assistance programs to help you with these expenses. If you are a Teacher, law enforcement officer, firefighter, military personnel (active, reserves and veterans), or a health care worker, there are programs just for you along with first time home buyers and more! Check them out at the link below, you may qualify!
If you have additional questions, please fill out the form below or contact Desert Dream Realty at 480-242-8300.
Cave Creek, AZ
New River, AZ
Search All Surrounding Areas