Purchase
A purchase mortgage is a loan taken out to buy a home. It’s one of the most common types of mortgages, typically used by first-time homebuyers or anyone looking to purchase residential property. Here’s a detailed guide:
Home Purchase
Refinance
How Much Home can I get
Loan Options
A Purchase Mortgage?
A purchase mortgage provides the funds needed to buy a home, with the property itself serving as collateral. The borrower makes monthly payments, which typically include the principal (loan amount) and interest, and sometimes taxes and insurance.
1. Key Features of a Purchase Mortgage
Loan Amount: Based on the home’s purchase price minus your down payment.
Loan Term: Common terms are 15, 20, or 30 years.
Interest Rates: Can be fixed (same rate for the loan term) or variable (rates can change).
Down Payment: Usually required, typically ranging from 3% to 20% of the home's price.
2. Types of Purchase Mortgages
1. Conventional Loans
2. FHA Loans
3. VA Loans
4. USDA Loans
5. Jumbo Loans
Purchase
Single Fmaily
Town Home
Condominium
Multi Fmaily HOme
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