justin harrell franklin north carolina real estate

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100 percent home financing mortgage loan Justin Harrell, Inc.
Franklin NC Real Estate Broker, Agent
Financing Your Home

There are a number of loan programs to meet the needs of home buyers like yourself. These loan options range from conventional loans to loans you can get for home construction. We'll discuss the two most common below which are based on rates. While there are other types of loans, they are all based on a variation of these two.

Fixed Rate Loans

These are by far the most popular home loans. How they work is very simple. You select the amount you want to borrow. Say, it’s $200,000 on a $250,000 home at 5.25% interest. The length of the loan will be 30 years. A quick check of a mortgage calculator shows your monthly payment will be $1104.41 . It's that simiple. Your home, including the mortgage interest, will be paid off in 30 years if you make all of your payments on time.

It is important to note that this does not include taxes, mortgage insurance or home insurance. These additional items can affect your monthly payment and your budget.

There are many great financial institutions to work with in the Franklin, NC area for your real estate needs. You will find some of them listed on the left hand side of this page.

Adjustable (ARM) Loans

ARM’s or Adjustable Rate Mortgages provide a low rate and payment in the beginning of the loan - usually the first 3 to 5 years. However, after a few years, the ARM disappears and the rate will be fixed at whatever the prevailing market rate.

Variations of this include a jumbo loan where the entire principle has to be refinanced at the end of a defined period. You can also get a rate that changes each year for a certain amount of years. This one is usually capped at no more than a 1 or 2 point change yearly and a 5 to 6 point change over the life of the loan.

Federal Housing Authority (FHA) and Veteran’s Administration (VA) Loans

These really are fixed and adjustable rate loans secured by the government up to certain loan limits. For example, right now, the VA loan limit is $417,000.

Lenders like these loans because the government insures them. So, in addition to having the home as collateral, the lenders have added protection against default.

This helps the lenders and it helps you. If you qualify for a government backed loan, it could help you get a lower rate, put down a lower down payment, and even get you a loan you couldn’t get outside of the government system.

If the home you're buying is in a rural area as defined by the U.S. Department of Agriculture, you may qualify for a USDA home loan, which offers 100 percent financing without adding on private mortgage insurance. The USDA aims to help lower-income households get home loans at reasonable rates.

If I can be of assistance call me today at (828) 421-0095 for any questions concerning real estate in Franklin, NC. I'm Justin Harrell, "Your Real Estate Agent for Results" in Franklin, North Carolina.

Justin J. Harrell Franklin, North Carolina Real Estate Broker
Franklin, NC 28734 Phone: 828-421-0095

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