It's National Homeownership Month, so we want to educate potential homebuyers about financing options. We know the past year has been challenging for many, with the COVID-19 pandemic increasing uncertainty and decreasing housing inventory. While we can’t alter the overall market trends, we can ensure you have the knowledge and the tools you need to take the necessary steps toward homeownership.
Housing Loans 101
Which housing loan will work best for you and your family? Here is a brief overview of some of the primary options we can provide:
- Fixed-Rate Mortgage. The fixed rate is determined at the start of the mortgage term and does not change for the duration of the mortgage. This option provides stability and is optimal if you are ready to make steady payments for an extended period of time.
- Adjustable-Rate Mortgage. This type usually has a lower starting rate than a fixed-rate mortgages, but is subject to change. This is a good alternativeif you initially need smaller monthly payments or if you haven’t yet moved up to your long-term dream home. We can provide various terms.
- Construction Mortgage: This option covers costs as you build your own house, and can then be converted to a permanent, traditional financing option. We offer fixed-rate mortgages for all types of home construction.
Already a Homeowner?
If you’re already a homeowner and looking to upgrade, you can use the equity in your current home towards a new one. The more equity you have, the more you will profit from the sale, allowing you to lower your mortgage on a comparable house or purchase a more expensive one.
Cornerstone Bank Can Help
No matter what steps you’re looking to take, we can help make sure you’re making a good financial decision. If you’re interested in learning more about the benefits of homeownership for National Homeownership Month, contact us today. You can check our current rates and get connected to one of our mortgage loan officers who can answer your questions.
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