Types of Beaver Island Home Loans

When you go to purchase a home in Beaver Island, MI, there are a lot of options available to you in terms of home loans. Not all of them are right for you, so you should give us a call for help finding the right type of loan for your needs. The following is a list of home loans and mortgage types and how they work.

• FHA Home Loan – These loans are for people who have never owned a home before. They are great because only a small down payment is required to qualify. However, there are quite a few limitations depending on where you want to live.
• VA Loans – If you have served in the armed forces, you may qualify for a VA loan. The U.S. Department of Veterans Affairs guarantees loans that are made by lenders, which means it is a lot more likely for you to be approved. Often times you don't even need a down payment.
• Balloon Loans – These types of mortgage loans are great for people who plan on refinancing in the future because they have very low interests rates and the payments grow over time, so it is easy to get used to paying the mortgage.
• Fixed Rate Mortgages – just like the name suggests, this type of mortgage has an interest rate that is fixed, meaning it stays the same for the entire term of the loan. The advantage is that you are locked into the rate you start with, so you don't have to worry about it rising.

Do You Need Help Finding a Beaver Island Mortgage Company?

There are many Beaver Island mortgage companies to choose from, but not all of them will offer the same interests rates, plans, or loan amounts. This is why it is important to get loan quotes from multiple mortgage lenders. This way you can compare several different mortgage rates and choose the one that best meets your needs and that you like the most. We can help you get information about mortgage rates from different companies and help you with the loan application process. It's easier than you think to apply and qualify for a loan, so don't hesitate to contact us. We are eager to help.