There are different types of loans and each has its own Loan Purpose. A Mortgage loan is used to purchase real estate. There are several options when it comes to mortgage including home purchase loans and refinance loans. Regardless of the purpose of your loan, we can help you find the right one for your needs.
This type of loan is primarily used in two aspects:
Home Buying – a mortgage loan can be used to buy a condominium, house and lot, or it can be used to finance the building of a home. Your credit score, the mortgage company you use, and current interest rates will determine what your interest rate will be. Payment terms typically extend for 30 years although there are options for shorter or longer loan terms.
Home Improvement – in some cases, mortgage loans can also be used to make improvements to your current home or the home you are purchasing.
The purpose of loan refinancing is to change the terms of your mortgage loan.
Some of the reasons to consider refinancing are: Lower Monthly Payments, Build Equity Faster, and a Better Credit Score. The best times to refinance are when interest rates drop or home values increase.