Down Payment A down payment is the difference between the sales price and the loan amount of the home that you are purchasing. Loan A FHA loan is insured by the Federal Housing Authority. This type of loan is focused toward providing mortgages for average to low income families and is judged by the qualifying guide lines set in place by the Federal Housing Authority. The Interest Rate A percentage of interest that is charged on the amount of money borrowed. Mortgage interest rates have been dropping since 1996 making this a good time to buy.
Interest rates are the lowest in over thirty years.
A Mortgage Broker A mortgage broker represents many different lenders as to a modeling agency represents many different models. A mortgage broker s accurate view and knowledgeble understanding of financing choices can enable people with self-employment, commissioned income, low income, or even credit problems to attain excellent financing. These lenders can offer lower rates and superb prepayment opportunities and can cut as much as a half percent point off the normal market rate. Property taxes are set by the designated government taxing authority and, are not negotiable. The Premium for a homeowners insurance is set by the insurance company that you select, Your first year homeowners' insurance plus two additional months is required at the time of closing.