Home Loans – An Overview
At Paragon Home Loans, your dream of becoming a homeowner can come true. Our mission is to help you achieve your goal by providing you the highest quality mortgage products and valuable education. We want you to succeed, so we work hard to find the lowest rates available in your area. The best part is that our home loans are backed by the FDIC – Federal Deposit Insurance Corporation.
Paragon Home Loans strives to be the most reliable source for your mortgage needs. Our goal is to help you become a homeowner by giving you the very best mortgage deals and education available. Since we offer competitive mortgage rates and flexible loan terms, our goal is to help you make the most affordable home loans possible. To do this, we work hard to educate you on affordable home loans so you make the best decision for your future.
We understand how confusing mortgages can be. There are so many different types of mortgages, and each has different rules and restrictions. When it comes to home loans, there are many different types of lenders. Here are some things you should consider when choosing your mortgage:
If you have an above-average credit score, you should not have any problems qualifying for the best home loans rates and packages. The majority of borrowers with above-average credit scores qualify for the prime rate and get competitive rates. However, some borrowers have below-average credit scores and still qualify for the loans. If you have below-average credit but have a good fico score, you should have no problem securing the financing you need.
If you are a frequent borrower, you may qualify for lower interest rates and repayment options. Most lenders offer a fixed-rate mortgage for borrowers who make regular payments. They also offer an adjustable-rate mortgage rate that changes as interest rates change. If you pay off one large loan quickly, you can lower your monthly payments and start paying less in principle while your principle is growing. This type of leverage can help you save thousands of dollars in the long run.
The term length you choose will determine the amount you pay in interest over the life of the loan. Lenders vary on their terms for these terms. Some lenders allow borrowers to purchase 30-year mortgages. Others require borrowers to begin paying interest in the first year and finish paying on the last year. There are other mortgage loans to choose from, including options to borrow against the equity in the property or to use the cash flow from other assets.
Borrowers who own a home are always interested in the current interest rates. Adjustable-rate mortgages offer flexible payments based on changes in the index. They feature fixed-rate mortgages for thirty years and then come with an option to repay the loan early or not at all. Mortgage rates can change each day, and you may find that your payment amounts go up. Fixed-rate mortgages provide an initial interest rate and a level interest rate after the introductory period. As the introductory period ends, the interest rate goes up and may stay there, or it may fluctuate depending on the market.
Both adjustable-rate mortgages and interest-only mortgages have come with different payment and interest rates. Adjustable-rate mortgages start with a lower interest rate but later increase to become more competitive with a fixed interest rate. Interest-only mortgages offer a lower monthly payment but start with a higher interest rate. The payment and interest rates will decrease once the loan has been paid in full.