Types of Gulfport Mortgages
Home buyers looking for a Gulfport mortgage have a few options to choose from. As soon as the homeowner talks to a lender, they have to begin considering all of the many kinds of mortgages. Buyers may have to look at adjustable rate mortgages, fixed rate mortgages, balloon mortgages and many other options.
Fixed Rate Mortgages
Gulfport mortgage seekers will most likely be offered a fixed rate mortgage. This kind of mortgage has an interest rate that remains the same throughout the loan term. It makes it easier to calculate future payments and works well when the market offers low rates. Fixed rate mortgages are not ideal when the market currently features high interest rates.
One-Year Adjustable Rate Mortgages
This type of mortgage has an interest rate that changes after a year. It is riskier for the homeowner since the payment can change at the close of each year. Normally, the homeowner is given a lower interest rate at the start of the loan since they will have to deal with more risk.
10/1 Adjustable Rate Mortgages
Like a one-year adjustable rate mortgage, this loan type offers a rate for the first ten years of a loan. It gives the home owner a longer period of stability and works well for people who only plan on owning the home for less than ten years.
Balloon mortgages typically last for a shorter term and operate like a fixed-rate mortgage. The home owner has a lower initial payment and has a large balloon payment when the loan ends. To use this mortgage type, the homeowner must be financially ready to make the large payment at the end of the loan or sell the house. Otherwise, they will have to take out a new mortgage from their lender.
Gulfport mortgages are offered in varieties that suit each homeowner’s needs. To find out which mortgage works best, homeowners should discuss every option with their lender and research the loan before making a purchase.
“As a first time home buyer, I didn’t really know of what to expect. After meeting with Amanda and talking with her the first time, I felt comfortable enough to ask lots of questions and she was very patient with me. As we closed on our house today, I cannot be any happier that Amanda’s team is the one that helped me along the way. She has gone above and beyond my expectations. Thank you to your team for a great job!”
Without a doubt, this has been the best home purchasing experience. I am so impress with everyone at Amanda & Associates. David Becher was exceptional! He contacted me on a regular basis and understood my goals. Finding the perfect cottage on the Gulf Coast has moved me one step closer to retiring in such a beautiful and fun area. Brittany Brackett is another person I want to acknowledge. She consistently communicated with me on the administrative paperwork. Because of her attention to detail, …
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We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
After browsing through houses for a few weeks on Zillow, Trulia, Movado, etc. I was feeling so overwhelmed and then God sent an angel! Mary called me out of the blue and I didn’t know what to do but accept her assistance. I am so glad I did! She has made the hassle of house searching and buying such a memorable and enjoyable experience. Mary has been upfront with us about each house we’ve looked at, giving us the positives and negatives. Mary wasn’t just interested in selling us a house. S…
Steven and Sarah Stogner
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Jennifer BatesGulfport, MS
I have worked with Amanda and her team on several transactions, both as a buyer and a seller. They are very proactive, accessible, and responsive. The team knows the market very well, and lays out a well thought out and deliberate strategy to close a deal in a timely manner.
Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
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