Types Of Mortgage Loans
You'll need to consider the type of loan you prefer. First Federal of Lakewood offers both fixed rate and adjustable (or variable) rate mortgages. In general, the principal and interest payment on a fixed-rate mortgage remains the same for the life of the loan. Your payments on an adjustable rate mortgage can fluctuate, depending on market conditions.
A loan originator can help you consider the many loan options available and which one's right for your personal financial situation. You'll gain a better understanding of your financial options, and be able to pursue your dream of home ownership with a realistic assessment of how much you can afford.