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Jon & Carolyn Ulrich
Jon & Carolyn Ulrich
Choices That Will Affect Your Loan
Welcome to Minnesota - Ulrich Real Estate Group - Your Source for Real Estate throughout the Twin Cities of Minneapolis and Saint Paul and surrounding suburbs of the seven county metropolitan area.
Here Are Choices That Will Affect Your Loan...
Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.
Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income to grow significantly in the coming years.
Balloon mortgages offer very low interest rates for a short period of timeā€”often three to seven years. Payments usually cover only the interest, so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
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