Loan options can be overwhelming at first – but we are happy to give you some recommendations, based on your situation.
Insider tip: your choice of loan product and lender make a big difference to the Seller in how attractive your offer is to them! Provided the price of two offers is similar, the source of funding is becoming often the next most important consideration to a Seller when choosing the winning offer! We want our clients to have a competitive advantage and work with the best financing team possible to increase their odds. Getting expert advise from one of our top local Milwaukee lenders in person is critical to your success!
But even before you meet with a lender, you can begin the education process by reviewing the following common loans. We’ve broken them down into three categories depending on the type of loan:
Basic loan types:
The most common types of loans you’ll encounter. As these are not insured or guaranteed by a government agency, they’re generally considered a higher risk for lenders, so credit and income requirements may be stricter.
These loans are federally insured to protect the lender if you fail to repay the loan. The FHA (Federal Housing Administration) and VA (Department of Veterans Affairs) are among the various government agencies that insure or guarantee these loans.
Loan repayment options:
There are different repayment options for your loan, including fixed-rate mortgages and adjustable-rate mortgages, or ARMs.
To figure out which loan is right for you, you may have to think hard about your overall financial goals, your budget and your assets.
If you’re still a little confused, that’s fine – the vast array of mortgage options can make anyone’s head spin after a while. Consider contacting a lender to discuss which loan could be the best fit for your individual needs.