San Diego, CA (PRWEB) November 26, 2013
LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The experts at Loan Love are consistently finding new ways to aid their readers with their mortgage loan issues by providing them with helpful home loan planning tips and strategies. One of the websites most recent guides focuses the seven most popular loan options and explains the benefits and drawbacks of each one.
The article says: “If you’re looking to buy or refinance a home, today you have more loan options than ever. With a wide selection of fixed-rate loans, adjustable-rate mortgages (ARMs) as well as term lengths, down payment requirements and interest rates, just about any consumer can find a mortgage that suits their budget and both their short-term and long-term financial goals. Here’s a quick rundown of seven of today’s most popular loan types with links to more information so you can choose the loan that’s best for your needs”
Loan Love then provides information on:
- 30-year fixed mortgages
- 15-year fixed mortgages
- 5/1 adjusted rate mortgages (ARMs)
- FHA loans
- VA loans
- Jumbo loans
- And reverse mortgages
Each of these different loan types are good for certain situations. For example, the article explains that 30 year fixed mortgages are popular because they offer stability and predictability. 15 year fixed mortgages are great for those who can afford a higher monthly payment, because they offer lower long-term costs. 5/1 ARMs slash short term payments, which make them ideal for those who are planning on reselling their home or refinancing their mortgage within the next few years before the mortgage adjusts. FHA loans are great for those with lower incomes or for first time home buyers, since the government guarantee makes for lower down payments.
VA loans are probably the best choice for those who have served (or are serving) in the U.S. Armed Forces. Eligibility for this loan type comes with a number of benefits, including no down payment and closing costs being covered by the seller. Jumbo loans are for those who need to take out a loan that exceeds the conforming loan limit set for their area. Requirements for these loans may be more stringent and borrowers should expect higher payments, but they could be the only way to finance a person’s dream home.
Lastly, reverse mortgages are available for home owners over the age of 62. These loans are similar to home equity loans, as they allow the owner to tap into their equity and thus get a little more breathing room in their budgets. There are also tax benefits for those who choose a reverse mortgage over paying off their mortgage, as the mortgage interest is tax deductible.
As with any type of loan, Loan Love advises their readers to thoroughly research the loan before committing to it. There are drawbacks basically every loan, so it is important that the borrower is well informed. Because of this, a link that points to a full article on each loan type is posted beneath each brief explanation.
To read the full article, please visit LoanLove.com.