flgaland@gmail.com
    (386) 243-0124

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3 Mortgage Questions First-Time Buyers Have… Answered

3 Mortgage Questions First-Time Buyers Have... Answered

If you’re a first-time buyer in Lake City or a nearby community and you’re taking out a mortgage loan to buy your home, check out the answers to these three common questions.

3 Mortgage Questions First-Time Buyers Have… Answered

Three of the most common mortgage-related questions we hear are:

  • Do I really need 20 percent down?
  • Why is the bank offering me a higher interest rate than the one I saw advertised?
  • Should I get a fixed-rate or adjustable-rate mortgage?

#1. Do I really need 20 percent down?

You don’t need 20 percent down to buy a home. Many loan programs, including VA loans, FHA loans and USDA loans, allow you to put down less than 20 percent to buy a house. Your lender might not even require you to be part of one of those loan programs, either.

The catch, though, is that you usually have to pay for private mortgage insurance if you’re putting down less than 20 percent – that protects your lender’s investment. (You don’t have to buy PMI if you’re using a VA loan, though.)

Related: What’s a standard down payment when you buy a home?

#2. Why is the bank offering me a higher interest rate than the one I saw advertised?

Lenders advertise the lowest possible interest rates to bring in new business. The rates you see advertised are only available to people who qualify, such as those with high credit scores and hefty down payments. Your lender might quote you a higher interest rate based on your own financial profile.

Related: What you need to know about mortgage interest rates

#3. Should I get a fixed-rate or adjustable-rate mortgage?

Fixed-rate mortgages have interest rates that stay the same over the loan’s lifetime. Adjustable-rate mortgages, or ARMs, can fluctuate after a fixed-rate period of time (usually 5, 7 or 10 years).

Related: Fixed-rate vs. adjustable-rate mortgages: What’s right for you?

Are You Buying a Home for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

Check these out:

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W County Road 136 $647,192

W County Road 136 Live Oak, Florida

76.230 Acres

423 NW Armadillo Ln $320,000

423 NW Armadillo Ln Lake City, Florida

5.050 Acres

SE 140Th Ct $120,000

SE 140Th Ct White Springs, Florida

20 Acres

Daisy Rd $112,500

Daisy Rd Lake City, Florida

13 Acres

TBD 290Th Terrace $62,000

TBD 290Th Terrace Branford, Florida

1.850 Acres

264 NE Easy Terrace $349,900

264 NE Easy Terrace Lake City, Florida

7,260 SqFt 2.750 Acres

Posted in: Blog, Buyers, Buying, Financing, Mortgages Tagged: Adjustable-Rate, Adjustable-Rate Mortgage, ARM, Buying a Home, Down Payment, Financing, Fixed-Rate, Fixed-Rate Mortgage, Interest Rates, Mortgage, Mortgage Rates

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Office: (386) 243-0124
250 NW Main Blvd #75
Lake City, Florida 32055

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Search Smarter

Did you know the hottest North Florida land for sale often sells within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest land as they hit the market! Simply click the button below and choose the types of North Florida land you are looking for and save your search to start getting alerts today!

New Property Alerts

As a local expert, I also have access to North Florida land for sale before it hits the market and can show you more information that is only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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