Realities and Myths of Owning a Home

Reality: There are Several Financing Options

6. Reality: There are Several Financing Options

Prospective homeowners are in luck when it comes to financing options for their new home purchase. In addition to the conventional 30-year mortgage which carries a fixed interest rate over the duration of the repayment term, 15-, 20-, and 25-year mortgages are also available to qualified borrowers. In addition to various repayment terms, you have options for adjustable rate or fixed rate mortgages and financing alternatives that require little to no money as a down payment. Not every borrower is qualified for every type of financing, however, so it is necessary to discuss options with your lender of choice.

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