If you know you won’t be in your home longer than 5-10 years, you might want to consider an adjustable-rate loan rather than the traditional 30-year mortgage. The rates will change after the introductory period and adjust to the market value. But if you’re planning on moving anyway, then the low introductory interest rate might save you some money in the short term. Here’s a calculator to help you determine if this is something you might benefit looking further into.How much of a down payment do you have?
If you don’t have lots of cash up-front for a down payment, there are Federal Housing Administration (FHA) insured mortgages that you might qualify for. There are income limits, but a loan backed by the FHA allows a borrower to have as little as 3.5% down payment on their home.Are you a veteran, teacher or other government employee (police officer, firefighter, etc.)?
For your service to the community, you might qualify for many programs in your state that helps people in your profession. You might want to notify your mortgage counselor of your profession and your interest in any assistance available. Also, check the Housing for Urban Development (HUD) website to check for programs in your area.© 2013 PhotoSpin, Inc. All rights reserved.