So you will be shopping around for a new home? That is something that you can be ecstatic about. But before you get too excited, make sure you have done your research before getting any deal on new home loan Corpus Christi FL. Please note that a thing like this involves some serious amount of money that can affect your life in the long run, so you have to do it right; you have to get the best one available today.
Speaking of prior research, it is imperative that you are familiar with important terms associated with new home loan Corpus Christi FL. Some of these terms are the following:
The loan term. This pertains to either how long the loan will last if you decide to pay only the minimum required amount each month (e.g. a 30-year fixed rate mortgage) or the features of the loan that you and your lender agree upon, which is also known as the “terms and conditions”. Make sure that you and your lender are on the same page always so that everything is clear-cut.
The loan amount. This is the amount specifically stated in the mortgage contract that you, the borrower, agree to pay back. Please note that the amount include other costs, so it is expected that the loan amount is different from the amount of cash given to you by the lender.
Interest rates. These are impacted by a borrower’s credit score, loan term, and mortgage program as well as a series of market factors that are beyond the lender’s control. These are determined by the lender and can be either fixed or variable.
Balloon payment. This refers to the unpaid balance due at the end of a term for loan types that do not fully amortize over the specified term of the loan. These are due at the end of the loan to pay in full the remaining balance.
Do you have more questions on new home loan Corpus Christi FL? Talk to our experts at HomePlus Mortgage today at (800) 810-7587