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Wednesday, January 22, 2014

Which mortgage is right for me?

The mortgage world can be a somewhat confusing place.  Not only are there several types of mortgages, but each type involves different terms, fees, and jargon to understand.  Let's just say, this might not be something you want to dive in head first by yourself or without a little research.  

I know this from experience and from working in the mortgage industry.  It was not but six months ago I bought my first home and was forced to go through the home buying process like anybody else.  Though it was still a little confusing for me at times, it was definitely helpful that I knew my options.  

I had a few goals in mind that further helped me choose my right mortgage.  I knew I wanted a lower down payment with the security of a fixed rate and payment in order to best manage my finances.  After thinking about it further and asking some of our former clients, I came to conclude that there are four main goals that home buyers look for when choosing their mortgage:

  • Flexibility
  • Low Down Payment
  • Rate Security
  • Easier Qualification

To make it simpler, RANLife created a chart for Choosing Your Right  Mortgage.  It's really quite helpful and can help you narrow down your choices until you decide to formally sit down with a loan officer and begin the process.  Plus, it gives you links to more information about the program you are interested in.  

RANLife offers many other tools and information to help guide you through the home buying process.  you can compare mortgage rates with our competitors or use an online mortgage calculator to compare your costs and start determining your budget.  Buying a home can be stressful but it doesn't have to be when you use the help of RANLife Home Loans.  

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