Different Types of Home Loans
You've decided to take the plunge and you are ready to buy a home at the Lake of the Ozarks . Now all that's left to do is find the right home, get a mortgage loan, close on the sale, and move in... right? Well, more or less. Buying a home can be a little more complicated than that, but the process can run smoothly with the guidance of an experienced Lake of the Ozarks real estate agent and mortgage lender. Today, the team at Gattermeir Davidson Real Estate is here to help you gain some background information on the different types of home loans available and how to decide which one could be right for you. Fixed Rate Mortgages Fixed rate mortgages are exactly what their name implies: they have a fixed interest rate throughout the entire term (typically fifteen, twenty, or thirty years). The benefit to fixed rate mortgages is that you can trust the interest rate to remain consistent the whole time you are paying back your loan - your monthly payment will never incre