Mortgages are supercharged tools when it comes to purchasing property. The key is finding the right one for your needs. At United Mortgage Group, we’re dedicated to educating and empowering our clients to leverage mortgages in their favor. When you work with us, you can depend on your agent, Gwynne Price, to guide you toward long-term financial success. Here are the main factors you’ll discuss with Gwynne to determine the best mortgage type for you.

Loan Term

Mortgages often stick around for years, which can make them unnerving to consider. This is especially true when you start seeing 30-year loans. Three decades is a long commitment. That’s why it’s so helpful to sit down with Gwynne and understand which loan term makes the most sense for you. Shorter terms, such as 10 or 15 years, will require higher monthly payments and lower interest expenses. Longer terms mean smaller monthly payments and greater interest expense over time. There’s a good fit in there for you, and Gwynne can help you find it!

Interest Rates

All borrowed money comes with a fee called interest! You have two main options when it comes to interest: locking in a single rate that doesn’t change, or letting the rate change with the market every year. The route you choose depends on your unique situation and goals. Gwynne knows the right questions to ask to help you identify the right option for you. The first question you’ll likely hear is how long you want to stay in the house. Shorter stays can make an adjustable-rate mortgage easier. If you’re planning to be in the house for a longer time, a fixed-rate mortgage can make more sense.

Mortgage Types

Mortgages come in many different forms. Which one is right for you? Gwynne will help you explore your options and determine which format is best. The six main categories include: 

• Conventional
• Conforming
• Nonconforming
• Government-Insured Federal Housing Administration (FHA)
• Government-Insured Veterans Affairs (VA) 
• Government-Insured U.S. Department of Agriculture (USDA)

The options available to you depend on your circumstances and geographical location. As a specialist in Florida and Alabama real estate, Gwynne has the inside expertise to guide you through the selection process.

Monthly Payments

Understanding how much you can afford in monthly payments makes it far easier to determine how your loan will work. At United Mortgage Group, one of our top priorities is making sure our clients can handle their monthly payments without putting their finances in jeopardy. Your agent, Gwynne, will help you match your income to a mortgage payment that is sustainable over time.

United Mortgage Group is trusted across Alabama and Florida because we provide personalized, top-notch funding solutions that really work. Whether you’re buying or selling a home, make us your resource for every step in the financial process. We would be honored to protect your financial wellbeing and make sure you experience every advantage.