Are you interested in a mortgage loan in Charlotte, NC? Our team at AmeriSouth Mortgage Company can do more than just help you get a mortgage. Our staff at Amerisouth Mortgage Company is well versed in the mortgage process and can be your guide through the ordeal. We can answer any questions that you may have about the various types of mortgage loans available in Charlotte.
What do I need to know before I apply for a Mortgage Loan?
There are eight different types of mortgage loans available to choose from. Most home buyers only qualify for a few of the eight. Before applying for a mortgage loan in Charlotte, NC, you should become familiar with the most common types of loans.
What are the most Common Types of Mortgage Loans available in Charlotte?
The most common types of mortgage loans include fixed rate loans, FHA loans, and VA loans. VA loans are only available to those in the Charlotte area that have served time in the United States military. FHA loans, also known as Federal Housing Administration loans, are administered by the government and can lower interest rates to as little as three and a half percent of the price of the home.
Fixed rate loans are the most common type of mortgage loan. Fixed rate loans have a monthly payment and interest rate that remains the same for the entire duration of a loan period. Fixed rate loans often range from fifteen to thirty years in duration.
Other Types of Mortgage Loans
- Jumbo Loans – Jumbo loans are loans that exceed the limit that is set by regulation. These loans are not common because there are hardly in homes in Charlotte that are costly enough to qualify for a jumbo loan.
- Reverse Mortgages – In order to qualify for a reverse mortgage, you must be a senior that is sixty two years of age or older. With this loan, homeowners have the power to access the equity that their home has without having to make payments. Payments are put off until the homeowner sells or moves out of the home, or until the homeowner dies.
- Investment Property Loan – These loans are recommended for real estate agents or those who want to purchase a second or vacation home.
- Home Equity Loan – If you already own your home, a home equity loan may be right for you. These loans allow homeowners to borrow the value of their home to be used for debt consolidation or home improvements.
- USDA Loans – USDA loans are generally saved for borrowers who plan on buying a home in a rural area. One hundred percent of the loan is financed by the United States government. In many cases, a down payment is not even required.
If you are in the market for a mortgage loan in Charlotte, NC, get in contact with our team at AmeriSouth Mortgage Company to book an appointment to discuss the matter. We have professional loan officers that are well versed in dealing with multiple types of mortgage loans.