Which Mortgage is Right for You? What You Need to Know

If you are looking to purchase a new home a lot of things will come to mind every time you stop to think about it. This is a huge feat to accomplish with many moving parts involved. The most pressing, and typically the first thought you’ll have, is the issue of a loan. Unless you can flat out purchase your home for cash money, something the majority of people don’t experience, then you’ll be looking at getting a mortgage.  

A Unique Loan For You To Have a Home

A mortgage is a scary concept however, it is a necessary one for millions of people. This loan is unique in that it is designed to provide you with a necessity of life which is housing. Unlike other loans, a mortgage taps into a long term mindset and a commitment that could last for a large percentage of your life time. However, it makes sense because a mortgage for many people is how they will be able to have a home! 

The Different Types of Mortgage

Because a home mortgage is such a huge commitment, it can seem overwhelming to begin to learn about the different options you have as a prospective homeowner. This can become even more complicated once you start factoring certain elements like credit checks and mortgage types. What do you qualify for? How do you know you’re selecting the correct type? 

The good news is that at Vaster Capital we have a team of professionals willing to work around the clock in order to make sure that you have the best mortgage available. Here are just three different mortgage types that you can learn about through our team.

Fixed-Rate Mortgage

This mortgage has the benefit of predictability. A fixed-rate mortgage will maintain the same interest payments for the duration of the loan. This means you have the benefit of knowing your budget for years to come. The drawback is that these loans typically have a higher interest over a longer-term. 

Conventional Loan

This is probably the loan you think of when the idea of a mortgage comes to mind. This is a standard loan and requires a good credit score to apply. The drawback is that for some individuals, such as people who have successfully avoided a lending history or are self-employed, they may be financially sound but have low credit. This can be disappointing for someone with sound financial stability who has decided to not invest in their credit scores. 

Adjustable-Rate Mortgage

As the name implies, this loan has an adjustable rate of interest and is a great option for those who do not plan on staying long-term in their home. This allows them to negotiate a rate that makes sense for a shorter duration of time, however, it does have a risk tied directly to the market.

If the market were to fall and you couldn’t sell your home at the price desired, it could mean incredible interest payments down the road. This is a great option for someone wanting to flip a house but has an inherent risk factor. 

What We Bring to the Table

It’s hard to imagine being turned down for a loan because you’ve made good decisions in your life that just weren’t the norm. This can look like a lot of things, such as building your equity through cash savings and avoiding loans. You can even suffer from a poor credit score simply because you are self-employed. 

None of these things necessarily mean that you are not financially sound. In a world that wants to look at credit scores before it looks at people, Vaster Capital stands above the competition by looking at you. Backed by two of the largest real estate firms in South Florida, our team knows what to look for and how to look for it. If you have solid financial strength, you shouldn’t feel helpless because your credit score doesn’t reflect that. 

Using a platform that has been engineered to optimize workloads and move fast, in the hands of professionals at Vaster Capital, you’ll close on a loan before you know it. Not only that, but with a track record that shows years of success, you won’t have to worry about having questions that can’t be answered or goals that can’t be met. 

If you have legitimate questions about how you can achieve the loan you need to get the house you deserve, visit Vaster Capital today. 

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