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What type is best?It is not necessary to know every detail, but you do need to know what is the best long term option for your purchase. You can find a ton of information online, but one of the best ways is to speak to a mortgage professional. They will be able to access your situation and are an excellent resource to get your questions about what is right for you answered. A professional can also help you find out what you would best qualify for depending on your resources.
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Va Loans
This mortgage has wonderful benefits to the borrower. A VA loan requires zero down and no monthly mortgage insurance. VA rates are generally lower than other loan types. Many VA home buyers pay less than they would to rent.
VA loans are offered to those with current or former military service. Typically veterans must have served at least 90 days in the military, or up to two years, depending on the dates of service. For eligible veterans, the VA home loan does not require a down payment. Borrowers with military experience enjoy:
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Conventional Loans
A conventional loan is everything else. It is not insured by the federal government and is also known as a conforming mortgage. These mortgages adhere to the guidelines set by Fannie Mae and Freddie Mac and an have either a fixed or adjustable rate. Conventional home loans typically require a larger down payment.
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If you have more questions about mortgage loans and planning for your financial future, contact us today! 619-569-7283 or [email protected]