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Keller Williams Advantage
Jeremy Todd Hardacre, Keller Williams AdvantagePhone: (918) 636-2566
Email: [email protected]

Common mortgage loans & their characteristics

by Jeremy Todd Hardacre 02/12/2024

A guide to the most common mortgage loans featured image

There are many mortgage loan options available on the real estate market. If you’re searching for a new home, understanding financing options available can give you a bird's-eye view of the best interest rates and overall conditions suiting your personal situation. 

Conventional fixed rate mortgages

One of the most common types of mortgage loans homeowners borrow is a conventional fixed rate loan. This mortgage type is characterized by it’s interest rate that remains the same over the lifespan of the loan. 

Around 75 percent of residential mortgage borrowers have a conventional loan, with the most popular term limit being 30 years. However, other term options are available including, 10, 15 and 20 years. 

USDA loans

The U.S. Department of Agriculture offers USDA loans to middle and low-income households seeking to purchase property in rural areas. 

This loan type is applicable to areas with a population of 35,000 or fewer residents and usually doesn’t require a down payment. 

FHA loans

FHA loans are government backed and offered by private lenders which gives homebuyers the opportunity to qualify for a loan whereas they may have not been eligible for a traditional mortgage. FHA loans are more flexible but may come with higher interest rates and a larger down payment depending on your credit score. 

There are many types of loans for homes, so take your time while reviewing your options. Consider hiring the help of a mortgage broker to help you compare and contrast your loans best fitting your lifestyle and needs.



About the Author
Author

Jeremy Todd Hardacre

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do for you:

Find Your Next Home
You need someone who knows this area inside and out! I can work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home

Sell a Home
When it's time to move, you need someone who will advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. I can take care of everything you need, from start to close.

Consult on Home Selling Tactics
Oftentimes buyers don't visualize living in your home the way you do. I can make your home attractive to its ideal audience - which can help you get top dollar. Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast..