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Types of Mortgage Loans

Purchasing a new home will be one of your largest purchases and biggest assets, so you want to make sure you are getting the best loan for your specific mortgage needs. CorTrust is here to help you learn about the different home loan options available to you.

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.


Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.


Adjustable Rate Mortgages (ARM)

When it comes to ARMs, there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.


First Time Homebuyer

These loan programs are offered by the South Dakota Housing Development Authority and the Minnesota Housing Finance Agency with the first time homebuyer in mind. These programs offer down payment and closing cost assistance for eligible homebuyers who qualify. These loans have interest rates that are attractive. There are income and other qualification requirements, so Contact Us to see if this program is right for you.


FHA/VA

This government guaranteed housing programs requires a small, or in the case of VA loans, no down payment.


If you have questions about the different mortgage options available, you can send us an email at cmi@cortrustbank.com or call us toll free at (800) 529-0192.

 

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Cortrust Mortgage NMLS#458038
2101 S Minnesota Ave, Sioux Falls, SD  57105
Toll Free:  (800) 529-0192
cmi@cortrustbank.com
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