Learn More About Mortgages
Understanding how mortgages work is essential when buying a home in Port LIberte. From interest rates to loan terms, knowing your options will help you make the best financial decision. Explore different mortgage types and find the one that suits your needs.
Common Port Liberte Mortgage Options
Conventional loan
A conventional loan is a popular option for buyers with strong credit and a stable income. It typically requires a down payment of at least 3-5% and offers competitive interest rates.
VA loan
Available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, VA loans offer zero down payment and competitive interest rates.
FHA loan
Ideal for first-time homebuyers or those with lower credit scores, FHA loans require a down payment as low as 3.5% and have more flexible credit requirements.
USDA loan
Designed for buyers purchasing in rural and some suburban areas, USDA loans offer zero down payment and low-interest rates for eligible borrowers.
Balloon mortgage
A balloon mortgage features lower monthly payments for an initial period, followed by a larger lump sum payment at the end of the loan term. This option is best for buyers who expect to refinance or sell before the balloon payment is due.
Jumbo Loan
If you're purchasing a high-value home that exceeds conventional loan limits, a jumbo loan may be necessary. These loans typically require a higher credit score and a larger down payment.
Lender-specialty loans
Some lenders offer unique mortgage products designed for specific situations, such as physician loans, self-employed borrower loans, or first-time buyer incentives.
Interest-Only Mortgage
With an interest-only mortgage, you pay only the interest for a set period before the principal payments begin. This can be a good option for buyers expecting future income growth.
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The Importance of a Good Mortgage Lender
The right lender makes all the difference in your home-buying journey. Brian Burke with 1st Priority Mortgage offers expert guidance, personalized service, and the best loan options to fit your needs. Whether buying or refinancing, Brian ensures a smooth, stress-free process.
Mortgage Consultant
NMLS#266800
1st Priority Mortgage, Inc
917-623-0477
brianburke@1stprioritymortgage.com
Ready to Calculate Your Monthly Payments?
Take the next step in your home-buying journey by using our mortgage calculator to estimate your payments and explore financing options. Knowing your budget will help you find the perfect home in Port Liberte with confidence.