HOW MUCH ORANGE COUNTY HOME CAN I AFFORD?
Use the form below to quickly estimate monthly mortgage payments.
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WHICH MORTGAGE IS RIGHT FOR YOU?
Always consult with a mortgage professional regarding your mortgage options.
Which mortgage is right for you? There are several types of mortgages available in the market, and they can vary in terms of interest rates, repayment terms, and other conditions. Consult with a mortgage professionals to help you learn the best options for you. Here are some common types of mortgages:
- Fixed-Rate Mortgage: A fixed-rate mortgage is a type of mortgage in which the interest rate remains constant throughout the life of the loan. This means that the borrower’s monthly payment remains the same, regardless of changes in market interest rates.
- Adjustable-Rate Mortgage: An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate is variable and can change over time, usually after an initial fixed-rate period. This means that the borrower’s monthly payment can increase or decrease, depending on market conditions.
- Interest-Only Mortgage: An interest-only mortgage is a type of mortgage in which the borrower only pays the interest on the loan for a specified period, usually between 5-10 years. After the interest-only period ends, the borrower will need to start making payments on both the principal and interest.
- Balloon Mortgage: A balloon mortgage is a type of mortgage in which the borrower makes lower monthly payments for a specified period, after which a large balloon payment is due. This type of mortgage is not as common as other types and can be risky for some borrowers.
- FHA Loan: An FHA loan is a type of government-backed mortgage that is insured by the Federal Housing Administration. This type of loan is designed to help low-to-moderate-income borrowers who may not qualify for conventional mortgages.
- VA Loan: A VA loan is a type of mortgage that is guaranteed by the U.S. Department of Veterans Affairs and is available to eligible veterans, active-duty service members, and surviving spouses.
- Jumbo Mortgage: A jumbo mortgage is a type of mortgage that exceeds the maximum loan amount set by Fannie Mae and Freddie Mac. This type of mortgage is usually used for high-priced homes or properties in expensive areas.
THE 40 YEAR MEDIAN MORTGAGE RATE IS 6.54%
Historically, mortgage rates have been at or near historic lows in recent years due to economic conditions and Federal Reserve policies. However, rates can fluctuate based on factors such as inflation, the state of the economy, and global events. The recent increase in rates has seen an increase back towards the 40 year median mortgage rate of 6.54%.
It is recommended that borrowers consult with lenders or mortgage brokers to get the most accurate and up-to-date information on current mortgage rates, as these rates can change frequently.
MAKE AN INFORMED DECISION!
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