Home Loans Explained

Variable rate loans – A variable home loan interest rate moves up and down with with an interest rate that changes periodically. Generally speaking, a variable rate loan is linked to some major benchmark rate; for example, the interest rate may be stated as “LIBOR + 1%. The loan may or may not have a cap on how much the interest rate can rise or fall, or on how often the interest rate may change. Very often, the initial interest rate for a variable-rate loan is lower than that for a fixed-rate loan. This allows more people to qualify for a loan; however, this kind of loan can be risky because the interest rate (and therefore the monthly payment) can rise unexpectedly.

Home Loans Explained – Video

Fixed rate loans – Enjoy the security of a fixed interest rate home loan. If you choose to fix your interest rate, it will not change during the fixed rate period and your repayments will remain the same.

Lines of credit – Ideal for those expecting to need funds for investing or renovating – draw down the money as you need it.

Split or combined loans – If you are unsure whether or not to stay variable or to fix your loan, you can do both or if you’d like the flexibility of a line of credit and the low rate of a term loan you can with a split facility.

Bridging finance – Buy your new house before you sell your current one.

100% offset loans – Make your money work for you and decrease the amount of interest you pay each month.

Lo doc loans – Less paperwork, less financials required, ideal for self-employed borrowers.

A Homeloans consultant or accredited mortgage broker can help identify which loan is right for you.

About Dell Clinton

Dell Clinton, an Associate Broker with Realty Executives West and is one of the most experienced and knowledgeable real estate agents on Long Island. Dell is a Graduate of the Realtor Institute, a member of the Council of Residential Specialists, a Certified Residential Specialist, a Certified Buyer Representative, a designated Realtor member of the Long Island Board of Realtors, a member of the New York State Association of Realtors, member of the National Association of Realtors and has achieved the 100% Club member status with REALTY EXECUTIVES International. With Dell's outstanding performance over the past 15 years as a top producing agent, he consistently maintains the reputation of being service-oriented and understanding. Dell's in-depth training includes special real estate courses such as Real Estate Practice, Economics, Financing, Property Management, Legal Aspects, Real Estate Comparative Home Sales, Real Estate investments, Exchanges, Taxation, and Creative Financing. We are fortunate and proud to have Dell Clinton associated with our sales staff. Dell's customers and clients continually comment on the warm personality and personal commitment in making their real estate transactions a pleasurable experience. If you are looking for a Knowledge, Experience, Professionalism, Integrity, and Personal Service in a real estate agent, Dell Clinton has them all. If your future requires counseling in the purchase or sale of real estate, we highly recommend you contact Dell at our office. He is our "Preferred Realtor of Choice".

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Home Loans Explained