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Receive a full list of homes
for sale from ALL local real
estate companies.
Choose from a number of
great financing programs like
Zero Down, Low Interest
Rates, FHA, VA and many
more!
Buying a Home with ZERO
Down: Sound good to be
true? It's not! Learn more
about ZERO down financing
programs.
Get ALL your questions and
concerns answered regarding
the home buying process.
free reports on things to avoid,
how to avoid them, steps to
the home buying process and
much more.
For our Military men and
women, First of all, Thank
you!!! Apply here for VA
home loans
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demographics and more.
Plans: Search Des Moines
area home builders, floor
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products
Learn about the great
benefits of home ownership
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property appreciation.
Find townhomes, condos and
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Moines area
agent to represent you and
your best interest...and it
should cost nothing!
Have a question on the home
buying process, financing or
anything else? Ask it here!
.
Matt Shaw ABR
Licensed REALTORŪ
State of Iowa
Ph # 515.360.2247
Fax # 1-866-754-9351
4800 Mills Civic Pkwy #203
West Des Moines, IA 50265
Types of loans:
There are many types of loans. Most people buy on a 30-year term loan, but 15, 20, and 25-year term loans are also available.
Fixed-Rate Mortgage:
A fixed rate is a stable loan because the rate of the loan is set for the life of the loan. The principle and interest payment will be the same month after month for the life of the loan. This type of loan makes it easier to plan for a budget, and is good for people that plan on staying in the home for a long period of time.
Adjustable-Rate Mortgage (ARM):
An adjustable rate usually starts with a lower rate than the fixed rate. After the initial period, which ranges form 6 months to 7 years, the rate will adjust up or down annually, and as your rate changes your monthly payment changes. With an ARM there is a rate cap, which is determined at the time you lock in your interest rate. The rate cap is the maximum your interest rate can go up to.
FHA:
FHA home loans are very popular among the first time homebuyers because they usually require a much smaller down payment then many of your traditional conventional loans. FHA doesn't actually lend the money. An FHA loan is a government funded loan insured by the Federal Housing Administration (FHA).
Interest only:
Interest only programs are designed to offer you the lowest payment possible and still allow you to take full advantage of the tax deductions available with other mortgages. With the interest only program you are only required to make payments towards the interest of your loan every month, although you can certainly pay as much or as little towards the principle balance at any time. This program was created with people in mind that have a cyclical income, such as those who work in sales or on commissions, or quarterly bonuses. Though it is great during the holidays or around family vacations, when you can pay less towards your mortgage and have a little more spending money in your pocket
Jumbo Loans:
A Jumbo Loan is a loan larger than the limits set by Fannie Mae Freddie Mac. ($333,700 this year, and $500,550 in Alaska & Hawaii). A jumbo loan will carry a higher interest rate than a conventional loan.
PMI (Private Mortgage Insurance)
