Wednesday, August 23, 2017
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2925 Highway 51
LaPlace U.S.A., Louisiana 70068

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What is a two-step mortgage?

Ballet Slippers Good news. A two-step loan helps a buyer really dance! Although the traditional 30-year mortgage is still the most widely-used home financing, a relatively new variation on the theme is gaining popularity:
  • The two-step mortgage amortizes the loan over 30 years, but generally starts out at a lower rate than a typical 30-year loan.
  • The rate is lower because after the initial period, the interest rate is adjusted to the prevailing rate for the balance of the loan.
  • The initial step is pre-set for a specific period, say 3 to 10 years, and the second step is the remaining time, generally 20 to 27 years.
  • The lower initial rate makes the two-step loan popular with first-time buyers because monthly payments are lower, but it also helps homeowners buy up to their next home.
With our experience, we can give you tips that will help you through the mortgage maze phase of home buying. Call or e-mail us for information specific to your needs.
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FIRST TIME How To Buy The Most Home For Your Money
QUALIFIED How Much House Can You Really Afford?
TIRE KICKING Secret Tests To Check A Property's Condition
LOCATION LOCATION: The Most Important Questions Every Buyer Should Ask
NEGOTIATE How To Buy The Home You Love At The Price You Want
SEARCH Quick Checklist For Finding The Perfect Home
INVEST YOUR RENT Why Pay Your Landlord's Mortgage?
MORE FOR LESS Six Tips For Getting The Best Loan
OPTIONS 10 Savvy Ways To Pay For A Home Today
SHELTER Six Little-Known Ways To Help Relatives Finance A Home
 
 
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