RELOCATING TO FLORIDA? FORECLOSURES & INVESTMENT PROPERTY ADULT 55+ COMMUNITIES TREASURE COAST FLORIDA COMMUNITIES CONTACT ME (772)240-2589

GO HOME FEATURED HOMES SEARCH MLS NEW HOMES FORECLOSURES CONTACT ME! INVESTORS WANTED ST LUCIE WEST TRADITION TESORO TREASURE COAST COMMUNITIES GOLF COMMUNITIES WATERFRONT COMMUNITIES CONTACT ME! ST LUCIE MAPS SCHOOL DIRECTORY BUSINESS DIRECTORY REAL ESTATE CALCULATORS Service Guarantee Sellers Tips Buyers Tips Buy vs. Rent Tax Terms 1st Time Home Buyer Adult 55+ Investment Building a Home Vacation Home For Sale By Owner Equal Housing Opportunity

FIRST TIME HOMEBUYER - MORTGAGES You dream of a home. Your dream home. How exactly do you get from one to the other? I have tried to organized the facts right here in an easy-to-follow format. I remember what it was like not to know ARMs from amortization or title searches from expense ratios. Breathe easy. I've translated useful information and will walk you through the entire process. Before you know it, you'll be ready to cross the threshold to your very own home. Making Up Your Mind Getting Started Home Shopping Mortgage Types When you Find a Home The Home Stretch Your Rights as a Consumer MORTGAGES - Here are some of the most common mortgage loans, along with information to help you decide which is right for you. *** I make no representations with respect to the accuracy of the information contained in the following definitions. This information is not intended to be legal advice. You should seek independent advice from trained professionals, for example, a lawyer and/or an accountant, etc., if you believe you need such advice. *** Fixed-rate loan. If you've found a home you plan to live in for 10 to 30 years, consider a fixed-rate loan. It's predictable and stable since the interest rate is set for the full length of the loan. Because the monthly payment stays the same, planning a budget is easier. Adjustable-rate loan. An adjustable-rate mortgage (ARM) usually starts with a lower initial interest rate than traditional fixed-rate loans. After a set initial payment period (usually 1, 3, 5, 7 or 10 years), the interest rate may change periodically (usually annually or semiannually) based on market conditions. As the rate changes, your monthly payment changes. ARM loans feature an adjustment "cap" or limitation on how much the interest rate can go up or down. This helps limit excessive changes in your monthly payment. Loans for first time homebuyers. Often first time homebuyers can take advantage of FHA and VA government loans, as well as other programs based on income or property location. These mortgages sometimes require less income to qualify than traditional loans and may require little or no down payment. Repayment schedule. Also consider how quickly you'd like to repay your loan -- within 15 years, 20 years, 25 years, 30 years? Do you want to make biweekly mortgage payments? Typically, the sooner you repay the loan, the more you'll save in interest payments. However, the longer you extend the term of your financing, the lower your monthly payments may be. So when choosing a loan term, consider your budget, your long-term spending patterns, your income over the life of the loan and how long you plan to stay in your home. Not every type of mortgage is ideal for every person or situation. The next step is to determine which Loan is right for you. LIST OF LENDERS >> << BACK     The market is changing! Dont lose out with an amateur! I can help you with one of your most important investments, YOUR HOME! Melissa Conrad, REALTOR® Committed to Life Long Superior Service! Melissa@MelissaConrad.net Direct: 772-240-2589 Coldwell Banker Residential Real Estate 1973 SW Savage Blvd Port St Lucie, FL 34953 DIRECTIONS HERE >>     HOME | PORT ST LUCIE HOMES FOR SALE | ST LUCIE WEST COMMUNITIES | GATED COMMUNITIES | GOLF COMMUNITIES | ST LUCIE SCHOOLS | HOME SEARCH

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