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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 home.

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.

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