Dealing in the Boston real estate market can be a daunting task, especially for those who are not familiar with the complexities inherent. These complexities present a number of challenges to property buyers; one of them is finding the perfect loan. With so many lending companies and mortgage brokers in the Boston real estate market offering various loan programs, picking one can be very confusing. The top real estate agents in Boston, MA can help you in the process and simplify things for you. Depending on your budget and credit history, you can opt for:-

  • Fixed-Rate Loans - Fixed-rate loans offer the borrower a fixed interest rate for the life of the loan (typically 15 to 30 years). The biggest advantage of choosing this loan type is that your monthly payments do not change over time. Fixed rate loans are ideal for buyers who are expecting to stay in the home for a long time.
  • Adjustable Rate Loans - What differentiates an adjustable loan from fixed rate is that the rate of interest in this loan changes periodically. Borrowers are charged a lower interest rate initially but the payments can decrease or increase with time depending on the interest rate. Adjustable rate loans are ideal for buyers who are expecting to stay in the home for a short period of time.
  • FHA Loans - The Federal Housing Administration (FHA) offers loans for low-to-moderate-income home buyers. FHA loans have lower down payments and they are ideal for homebuyers with low credit scores. Even past bankruptcy does not necessarily disqualify borrowers from choosing this program.
  • VA Loans - Apart from the above-mentioned three most popular types of loans, there is one more loan that you can also opt for - VA. The Department of Veterans Affairs (VA) offers a zero-down mortgage program for veterans and service personnel in the U.S. military. These loans eliminate the need for buying private mortgage insurance.

To know more about your available financing options, visit http://www.bostonrealestateexperts.com/Buyer-Resources/Loan-Analysis