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RE/MAX Best 2925 Hwy. 51, Suite B
Licensed by the Louisiana Real Estate Commission, Independently Owned & Operated
2925 Highway 51
LaPlace U.S.A., Louisiana 70068

Office: (985)652-7653X
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Can you tell me some things I should consider when shopping for a loan?

Dollars and Cents Shopping for a mortgage loan is like shopping for a new coat - you need one that fits your lifestyle as well as your budget. Many different mortgage products are available today, and each suits a different set of circumstances. Match mortgage terms to your lifestyle.

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For a family expects to stay less than three years in a starter home, a one-year adjustable-rate mortgage (ARM) would make sense with its low initial rate and a cap on annual increases.

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Planning to stay longer? A five- or seven-year two-step loan provides a low initial rate for a few years with a potentially significant one-time jump at adjustment time if interest rates have risen.

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A 10-year ARM provides an interest rate lower than a fixed rate mortgage for the first decade, but adjusts annually after that for anyone who hasn't moved or refinanced.

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If you plan to stay in the home indefinitely, you may opt for a traditional 30-year fixed-rate loan - or 15- or 20-year loan if you can meet the higher payments - and pay extra points to get a lower interest rate.
To decide which to choose, figure all the costs over the time you expect to be in the home, and compare the bottom line. Also compare the monthly payments at each step to be sure they are manageable. Keep in mind the maximum allowable increases when calculating future payments under a worst-case scenario.

Our professionals are armed with the latest mortgage loan information plus more tips on how to choose the right loan for your circumstances. Just give us a call and we can start helping you right away.
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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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