John McLaughlinJohn McLaughlin
(209) 694-6873

RE/MAX Property Professionals
2453 Naglee Rd
Tracy, CA 95304
209.833.1107
Tracy real estate and homes for sale in neighboring communities. John McLaughlin, Real Estate Specialist

Financing is an important aspect of your home purchase. You have to have a preapproved with loan in place, unless you are paying cash, to submit an offer on a home. That is not something you want to do after you find a home because it will take some time and if the house you have found is in fact a good deal it will be gone by the time you get your preapproval arranged. Do that first. Where you preapprove can make an important difference in having your offer accepted. I work with the best in the business call for specific recommendations.

 

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Adjustable - An Adjustable Rate Mortgage, or ARM, is a type of mortgage in which the interest rate is adjusted up or down, in accordance with current interest rate levels. The interest rates are tied to an economic index outside of your banks control, such as the Treasury bill rate. Your monthly principal and interest payment will fluctuate with these rate changes. Initially payments will be less than with a fixed mortgage, making this type of mortgage attractive to short-term buyers. Note: Inquire on the "cap", or maximum interest level your mortgage can reach, since it is possible for rates to raise significantly during the term of your mortgage.

Fixed - A fixed rate mortgage, on the other hand, uses both a fixed term (length of time) and fixed interest rate. At the start of the mortgage the rate and term are determined, and as a result the monthly amount for principal and interest payments remain constant for the duration of the mortgage. Fixed rate loans are more attractive to home buyers who plan on spending a long time in their home, or expect no major change in income.

Assumable - Sometimes homebuyers can find a loan which is "assumable." With an assumable loan, the current sellers lender is willing to transfer the existing loan to you, either at the previous interest rate or the current interest rate. Assumable loans are attractive to buyers because they usually require less paper work and less time.




 
REALTORCertified Distressed Property Expert
CA DRE Lic. #01890078

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