Outer Banks Financing:
Talk to your lender to PRIOR to looking at property. Pre-qualifying for an Outer Banks loan is a must before previewing property, and it will save you and your realtor valuable time by previewing properties that match your Outer Banks loan, or Outer Banks mortgage goals. The federal guidelines for Fannie Mae and Freddie Mac are in a constant state of change, so have your Outer banks financing updated at the time you make an offer. The interest rates are bouncing around these days, so take advantage, and lock those rates.
Fixed Rate Mortgage:
A fixed rate mortgage loan is when borrower pays off the mortgage over a fixed time period. You pay at a fixed rate of interest regardless of changes and trends. Home buyers can choose 10, 15, 20, 30 or even 50 years to pay back the loan, but less time and more money down is always a safer bet.
Having its limits, FHA loans are another type of home mortgage loan. Insured by the federal government through the Federal Housing Administration, they are loans with low down payments and are done through mortgage insurance which is funded into the loan financing. For first time home buyers you can take advantage of the incentives; such as low or no down payments. Borrowers can sometimes get a lowered or no credit score requirement.
The VA home mortgage loan is also a government issued loan program. It is given to former US veterans and it may also be issued to the spouses of deceased veterans. It can differ and there are different criteria used to qualify people for this type of loan. This includes factors like how long one served, and if their discharge was honorable. Your greatest benefit is the no down payment requirement; which isn’t always a good thing. The Department of Veteran Affairs guarantees the loans.