Loans, Loans, Loans
If you need to purchase a loan for your first home or even
your dream, loans are a practical option that can give you
that home ownership opportunity. Once you have decided you
need a loan, all you have to do is choose which loan. Countrywide
Loans professionals help people with this decision each and
every day, and they are eager to help you, as well.
Fixed rate loans are good for people who are going to live
in their home for a long time. These kinds of loans are also
good for people who need stability, predictability and security.
If you want to keep the rate the same and do not mind having
the loan for a long period of time, this is definitely the
best option for you. Generally Fixed Rate Loans are available
in the following terms: 15, 20 and 30 year loans. However,
some lenders such as Countrywide provide plenty of choices
for the duration of your loan.
Adjustable Rate Mortgages, known as ARMs, are pretty much
for people who can go with the trend. The market trend, that
is. Adjustable rates generally go up with rising interest
rates and down with dropping interest rates. So basically,
your payments are determined by the interest rate.
The interest rate aspect of the loan process may bring fear
to homeowners who live in areas such as California or places
where interest rates have been known to shoot up out of nowhere,
but Countrywide Home Loans is aware of this and has a special
built-in feature to ensure that there is a capped limit on
all policyholders’ payments.
Fixed Period ARMs are for people who are buying a house for
temporary purposes. Perhaps you are moving in with your spouse
but you know that you will have children in a few years and
will need to move again.
Or, maybe you are sure that you are going to be refinancing
soon. In these situations you should look into the Fixed Period
ARM. This is a loan that starts off with lower interest rates
than a fixed rate loan, and eventually becomes adjustable.
It is also good if you predict to have more money in the future
but have a tight budget going into the loan.
Government loans are issued by the Federal Housing Administration
or FHA, and are aimed at first time buyers. They offer low
down payments and flexible rules, which make it easy and convenient
for those with a meager income looking to buy their first
Loans over $333,700 are considered jumbo loans and these
are called non-conforming loans. They are more than the amounts
allowed by Fannie Mae and Freddie Mac, the federal mortgage
organizations, and they have higher down payments and higher
interest rates than normal.
No matter what type of loan you choose within the family
of Countrywide Home Loans. Countrywide is there to provide
you with ongoing service and assistance, answer any and all
questions you may have and resolve all your problems when
and if they should ever arise.