Top 3 Loans and Down Payment Options for Your Lake Zoar Real Estate

Top 3 Loans and Down Payment Options for Your Lake Zoar Real Estate

By Deborah Laemmerhirt | January 27, 2015

Top 3 Loans and Down Payment Options for Your Lake Zoar Real Estate

 

Real estate agents highly recommend that you save up for down payment before buying your dream Lake Zoar real estate. It is always a smart move to make sure that you have enough cash for down payment, closing costs, and other expenses. The amount you need for down payment depends on the type of home loan that you will choose as each loan has its own guidelines. Here are 3 of the most popular loans and their corresponding down payment features:

These are 3 loans and down payment options for your Lake Zoar real estate.

  1. Veterans Affairs Home Loan

VA loan offers reasonable rates and terms to qualified veterans and present military members of the armed services. Instead of issuing loans, the Department of Veterans Affairs pledges to repay approximately 25% of the contract price of the home in case the borrower defaults.

With VA loan, a borrower can buy Lake Zoar homes for sale without a down payment, which is its most important benefit. Furthermore, the interest rate of the VA loan is lower and more competitive than conventional loans. It also does not come with private mortgage insurance (PMI); hence, you will pay less for the monthly amortization.

  1. FHA Loan

The FHA loan is another home loan program by the government that has been around since 1934. FHA loans only require a minimum down payment of 3.5%, as compared to conventional home loans that require 5% to 20% down payment. FHA loan can also come with a mortgage insurance premium. The advantage of an FHA loan is that more people are able to qualify for an FHA loan.

  1. Conventional Loan

Potential buyers of homes for sale in Lake Zoar can also choose fixed-rate mortgages or conventional loans from banks, credit unions, or mortgage brokers. Conventional loans offer flexible down payment plans from 5% to 10%, depending on the term of the loan and loan-to-value ratio. It can vary depending on whatever is convenient for the borrower. A prospective home buyer can find a loan requiring only 5% down payment on homes, provided that your credit score hits the standard.

Before buying a Lake Zoar home listed in https://homesinconnecticutforsale.com/, it is best to do your homework. Save up for the down payment, research about the property, and determine which home loan will perfectly fit your financial situation. More importantly, consult a professional real estate agent who is an expert in Lake Zoar real estate to help you get the best value for your money.

Call me, Deborah Laemmerhirt now at 203-994-4297 and let me assist you with everything you need to know about buying Lake Zoar homes. My years of experience as a preeminent real estate professional in Lake Zoar, Ridgefield, Redding, Wilton, New Fairfield, Brookfield, Bridgewater, Roxbury, Washington, Weston, Westport, Southbury, Kent, Sherman, Easton, and Bethel, CT, combined with my dedication to providing the finest service will make it easier for you to find your dream home in Connecticut.

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About Deborah Laemmerhirt

Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers. As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible. My services include: Explaining the home selling and buying process thoroughly Diligently selecting homes that meets your criteria Pricing your home correctly and implementing a unique yet proven marketing plan Negotiating on your behalf Tracking the closing process to ensure a smooth transaction I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process. I specialize in both Residential and Commercial Properties. I also head a Real Estate Group to provide you with expert service and support. Areas of Expertise Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings. I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.