Unsure About Your Mortgage Options? Consult With a Real Estate Broker

Mortgage broker

There are different types of mortgages available for qualified home buyers. These include conventional mortgages along with FHA and VA home loans. Whether someone is a first-time home buyer or is planning to purchase a second home, understanding the terms and details of a mortgage can often be challenging. It’s beneficial to learn as much as possible about these terms and the types of loans that are available.

In 2016, for example, 14% of home buyers financed 100% of their homes’ entire purchase price with a mortgage. During that same year, the 2017 NAR Home Buyer and Seller Generational Trends report indicated that 92% of all buyers had a fixed rate mortgage.

The report also indicated that 98% of the buyers within the 36 and younger age bracket financed their homes as well. For those individuals aged 62 to 70, however, just 68% financed their homes. Furthermore, 24% of the individuals that purchased homes in 2016 reported that they had used an FHA loan.

The 2017 NAR Home Buyer and Seller Generational Trends report revealed that 32% of people looking to buy brand-new homes were first-time home buyers. Millennials, in particular, often choose newly-constructed homes because they are more energy-efficient than their older counterparts.

Brand new homes are also popular as they don’t require renovating and their electrical and plumbing systems won’t need to be upgraded. It’s also interesting to note that many Millennials are planning ahead to purchase their homes.The report showed that 31% of adults within this age group have a two-year plan in place to purchase a home.

Whether you’re a first time home buyer or are interested in purchasing an investment property such as a vacation home, this process can be that much simpler when you work closely with a realtor and a mortgage broker. In addition to being up-to-date on local listings, these experts can also assist you with understanding the different types of mortgages that are available.

A recent survey showed that 59% of homeowners wished they understood their mortgage terms and details better. When you work with broker Stacy Schlesinger, however, she will do her best to assist you with understanding your mortgage terms and details. Furthermore, Stacy Schlesinger will also assist you with understanding the differences between conventional mortgages and other types of mortgages, such as FHA mortgage loans and VA home loans.

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