According to Rate State, certain mortgage types are better for for different situations.
Seattle, Washington (PRWEB) June 19, 2013
Bent on providing the best possible information for homeowners and new home buyers, Rate State encourages people to know their options. In their latest mortgage article they explain the four most common loan types, in clear detail. Rate State is a trustworthy source of advice; they have no interest in warping what consumers choose for their mortgage needs, as they are unbiased. They do not sell loans.
According to Rate State, certain mortgage types are better for for different situations. For instance, they say, “Adjustable rate loans offer a set (usually lower) interest rate for the first few years of the loan and then a rate that is “adjusted” to current market conditions at regular intervals for the duration of the loan. The adjustment is based on the Prime lending rate or one of several other market indexes. Such loans are good for home buyers who don’t expect to live in their home more than three to five years.” They don't stop there either, they continue with more about adjustable rate loans in detail, fully explaining everything.
Rate State also mentions fixed rate loans, FHA loans, and VA loans in their article, concisely defining each in turn. For more information, check out their article. It is surprisingly readable for mortgage talk.
Rate State helps consumers compare today’s mortgage rates through their online comparison tool to ensure they are getting the best rate for their home mortgage or refinance before making their next purchase. They provide consumers with access to the information they need in order to make a decision potentially saving thousands of dollars over the term of their next home loan.