Signature Real Estate Group
702.799.9598



Las Vegas & Henderson
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Mortgage Alternatives


WHAT TYPES OF LOANS ARE AVAILABLE AND WHAT ARE THE ADVANTAGES OF EACH


Fixed Rate Mortgages: Payments remain the same for the the life of the loan



Types



15-year

30-year



Advantages



Predictable

Housing cost remains unaffected by interest rate changes and inflation.



Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits



Types




Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically)


Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan
ARMS linked to a specific index or margin



Advantages



Generally offer lower initial interest rates

Monthly payments can be lower

May allow borrower to qualify for a larger loan amount


WHEN DO ARMS MAKE SENSE


An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS



30-Year:



In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions.
As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.



15-year:



Loan is usually made at a lower interest rate.

Equity is built faster because early payments pay more principal.





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Signature Real Estate Group

DIRECT: 702.799.9598


© 2018 Las Vegas Homes. Equal housing opportunity. An equal opportunity company. MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.   Listings updated 5/22/2018 minutes ago