A home loan specialist can help you track 30-year fixed mortgage rates in Ponte Vedra Beach. When you are comparing different mortgages, you will want to consider the interest rate as well as several other key factors.
Down Payment
You do not always need to put money down on a property. There are loans that do not require any down payment, such as the VA loan. A conventional mortgage typically requires 20% down, but some loan products require less, like an FHA mortgage. There are options to fit retirees, first-time buyers, and individuals with credit issues.
Fixed or Adjustable Rates
When you compare 30-year fixed mortgage rates in Ponte Vedra Beach to adjustable rates, you will notice one striking difference. With a fixed rate, you will know your monthly payment. With an adjustable rate, the amount will fluctuate. When interest rates are low, so is the payment, but when they creep up, so will your bill. Adjustable loans are suitable for people who know they will not own a piece of property for long.
Amortization Schedule
To better understand how a home loan is paid down, ask your lender for an amortization schedule. With this calendar, you will be able to see how the loan is being paid down. This schedule can demonstrate how small changes in interest can impact your payment. For more information on home loans and 30-year fixed mortgage rates in Ponte Vedra Beach, contact The Mortgage Lady Team-Fairway Independent Mortgage Corporation at themortgageladyteamfairway.com.
