Choosing a mortgage

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Shopping wisely for the best mortgage in Knoxville, TN can be one of the biggest financial decisions of your life. There are many mortgage products on the market, so it's important to do your homework …

Shopping wisely for the best mortgage in Knoxville, TN can be one of the biggest financial decisions of your life. There are many mortgage products on the market, so it's important to do your homework and determine which type of loan offers the best rate and terms.

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  • 1. Choosing a Mortgage lakeloudounliving.com /loudoun-lake-home-buyers/item/11-choosing-a-mortgage Shopping wisely for the best mortgage in Knoxville, TN can be one of the biggest financial decisions of your life. There are many mortgage products on the market, so it's important to do your homework and determine which type of loan offers the best rate and terms. Mort gage Specialist s No matter what your needs are, choose a mortgage specialist that can offer a variety of flexible home financing options. Both small and large lenders both have pros and cons in determining which one is better. After some research and analysis you will be able to determine the best mortgage loan thats right for you. Mort gage Rat es Interest rates and flexibility are important. You will need to consider all of the features and benefits of the loan type into account to find the right mortgage. Loan Types Fixed Rat e Loans - Traditional loans that have predictable interest and principal payments over the life of the loan. (whether 30, 15, 20 or 10 year). Advantages: Down Payment as low as 5% Adjust able Rat e Loans - Lower payments at beginning of loan make it easier to quality or allow you to purchase a more expensive home. Advantages: Down payment as low as 5%; rate adjustments every 6 months or once a year
  • 2. Jumbo Loans - Allows you to borrow amounts exceeding the Fannie Mae or Freddie Mac Guidelines (over $252,700). Advantages: A wide variety of options in amounts over $252,700 Balloon Loans - Lower payments at beginning of loan make it easier to qualify or allow you to purchase a more expensive home. Advantages: The loan becomes due all at one time, typically after 7 years. Have a question or comment? Please feel free to share your thoughts!