Interest rates and down payments change considerably between the different types of loans. Understanding your options will help you move forward with your transaction.
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Where are we today in terms of interest rates? We’ve been hearing for years now that interest rates are at a historic low, and this is still the case today.
Right now, 30-year fixed interest rates are staying in the area of 3.75%. There are many kinds of loans available for mortgages, including VA loans, conventional loans, FHA loans, and rural development loans.
Between each of these loan types, both the down payment and the interest rate will vary.
The down payment and the interest rate will vary between loan types.
In terms of down payments, something I hear a lot is the misconception that you need to put 20% down. With all of the loans available, there are many options that don’t require 20%. In fact, VA loans are 0% down. The same can be said of rural development loans.
FHA is also low, at just 3% down, but conventional loans are about 5%.
If you still aren’t sure where to start, though, we’d love to help.
If you have any other questions or for more information, feel free to give us a call or send us an email. We look forward to hearing you soon.
