Mortgages Defined: A Look at the Different Options
As your children are playing in the next room over, you hear giggles and rustling toys while pouring your morning cup of coffee. You stop, smile, and take in every sound just thankful for what you have now. You overhear your oldest share that she’s ‘the mommy’ as she tells her younger brother to be her ‘baby.’ You laugh to yourself and remember how you always dreamed of the home you now share with your family. In the same way, always instructing your younger brother when you were kids. As the memory fades, the phone rings and it happens to be your brother. He’s about to embark on the home buying journey. Your past experience with NexTier Bank reassures him that buying a home doesn’t need to be scary.
Whether you’re a seasoned home buyer, or this is your first home purchase, our experts are here to make the process simple.
Where should I start?
One of the most important steps is to find a mortgage expert you trust and ensure they are a qualified and licensed loan officer. NexTier Bank’s Personal Bankers are experts in the industry who focus on guiding you through the mortgage lending process every step of the way.
Is there anything I need to know before I meet with a realtor?
Yes, once you find a mortgage expert, you’ll need to get pre-qualified to determine whether you qualify, and to find out how much you can afford. This is an important step for buyers. Many realtors may not talk with a prospective buyer unless they have been pre-qualified. It’s in their best interest and your own to ensure they can share available homes that fit into your prospective budget.
Learn more about NexTier Mortgage Options.
What are the mortgage options available at NexTier Bank?
NexTier Bank offers several options including the most common conventional options: fixed-rate mortgages and adjustable-rate mortgages.
Conventional, fixed-rate mortgages are a safe bet for borrowers that intend to stay in their home for a period of five years or more. This type of loan offers long-term predictability of both the rate and payment. In most cases, requiring a minimum down payment ranging from 5 to 20 percent, depending upon the product or program you chose.
Fixed-rate mortgages offer a consistent payment over the lifetime of the loan. They are available in terms ranging from 10 to 30 years, with 15- and 30-year terms being the most common. This type of mortgage payment requires a fixed price including the monthly principal and interest.
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