First Time Home Buyers
Tell Me About Your Ideal Home in Wichita Falls
Spirit Mortgage Loan Officer
(940) 350-3121 NMLS: 1957678
My favorite Founding Principle is COMMUNITY. Serving and giving back to our local community is important to me, and I truly believe that being involved and helping others makes our community stronger.
First Time Home Buyer Loan Options:
What are my loan options?
Lenders realize that different situations call for different types of loans. There are two main categories of loans: conventional and government. For either of these mortgage types, you can choose if the loan will have a fixed rate or adjustable rate. Your home mortgage consultant will work with you to help you understand your options and make an informed decision. You’ll need to evaluate each loan type’s features, benefits, and other considerations based on what’s important to you.
Conventional versus government loans?
Many mortgage loans are conventional mortgage loans, which are mortgages not obtained under a government program. Conventional loans are either conforming or non-conforming. A conforming loan is a mortgage made under the underwriting guidelines and loan limits for either “Fannie Mae” or “Freddie Mac.” These agencies purchase first conforming/conventional mortgages. A non-conforming loan is a conventional home mortgage that does not meet their guidelines and limits. Please carefully consider the differences in loan program terms and conditions, including pricing, before making a decision on which loan is right for you. Your home mortgage consultant will be able to show you how choosing a conventional loan or a government loan will affect your mortgage loan pricing.
Fixed-rate loans and adjustable-rate loans
Most home loans will fall into one of two basic categories: fixed-rate mortgages and adjustable-rate mortgages (ARMs). With a fixed rate mortgage, the interest rate and monthly principle and interest payments stay the same for the entire life of the loan, no matter how much market interest rates vary.