Understanding Different Types of Home Loans

Are you unsure of which type of home loan is right for you and your family? The team at Chorey & Associates Realty, Ltd. wants to help you, so we have listed some of the choices below that will allow you to determine which option may be the ideal choice for your situation.Homes for Sale in Northern Suffolk VA

Fixed-Rate Loans

This is the most common type of mortgage. A fixed-rate home loan is a mortgage loan with an interest rate that remains the same throughout the life of the loan. This guarantees monthly payment stability for as long as you have the loan.

Adjustable-Rate Loans

An adjustable-rate mortgage has an interest rate that can periodically change throughout the life of the loan. This means your monthly payments can increase and decrease from time to time.

FHA Loans

Are you considering an FHA loan to purchase your home? Many first-time homebuyers often choose this option because it requires less of a down payment which is ideal for many young adults.

Now that you are aware of a few home loan options, you can feel more confident about looking for homes for sale in Northern Suffolk, VA, and surrounding areas with our team. Call us at (757) 539-7451 and we can help turn your dreams of home into reality!