Here are the types of loans available:
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Fixed-Rate Mortgage
: The interest rate stays the same for the entire term of the loan. The advantage is that, if you lock in a relatively low rate, your payment won’t go up when interest rates do.
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Adjustable-Rate Mortgage
: The rate of this loan can change throughout the term of the loan. This rate is based on adding points to a fixed base.
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Hybrid Loans
: Combines a fixed period with an adjustable component. Usually fixed for a period of time and then becomes adjustable, depending on current interest rates.
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FHA Loan
: A loan that is insured by the U.S. Federal Housing Administration.
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VA Loan
: A loan that is guaranteed by the U.S. Veterans Administration. This loan is designed to offer long-term financing to American Veterans or their surviving spouses.
Loan Pre-qualification vs. Pre-approval
Getting pre-qualified for a loan helps you determine your home-buying budget. Your mortgage agent will look over your credit history, income, outstanding debt, monthly expenses, employment history, and more to help you understand what you can afford.
We invite you to view the Desert Masters Realty sales listings below or use our site to search the Arizona Regional Multiple Listings Service (ARMLS). Our agents are happy to help you find your next home! Please contact us if we can be of service.
