Caldwell Home Buying

Help When You Need It

Whether you are a first time home buyer, or an experienced one, buying a home is a big deal. You'll need all the help you can get. Here's a tip for you.

Home loans can have a fixed interest rate or a variable interest rate. Fixed rate loans have the same principal and interest payments during the loan term. Variable rate loans can have any one of a number of "indexes" and "margins" which determine how and when the rate and payment amount change. If you apply for a variable rate loan, also known as an adjustable rate mortgage ("ARM"), a disclosure and booklet required by the Truth in Lending Act will further describe the ARM. Most loans can be repaid over a term of 30 years or less. Most loans have equal monthly payments. The amounts can change from time to time on an ARM depending on changes in the interest rate. Some loans have short terms and a large final payment called a "balloon." You should shop for the type of home mortgage loan terms that best suit your needs.

Try several of the links on this page to see if you can find a company that will do some of the loan searching as a part of their service. Many will do all they can to help you.