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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Federal Housing Administration (FHA)*
FHA loans offer more relaxed qualifications and lower down payments than conventional mortgages. FHA programs are perfect for first-time homebuyers or anyone who wants to limit out-of-pocket expenses on their home purchase. FHA maximum loan amounts vary by state and county and are available from any Capital City Bank mortgage representative. FHA offers both fixed and adjustable rate mortgages.

Veterans Administration Mortgage (VA)*
The federal government offers the VA home loan guaranty to veterans of the US armed services, active-duty personnel, reservists, and their spouses. VA mortgages allow for some of the most relaxed qualifying requirements. Features include:

  • ∙ No down payment for qualified borrowers
  • ∙ Liberal qualifying guidelines
  • ∙ Fixed rate options
  • ∙ No mortgage insurance needed

USDA Rural Development Guaranteed Loans*
The federal government offers Rural Development loans primarily to help low-income households purchase homes in rural areas. Applicants may have up to 115% of the median income for the area and reasonable credit. Features include:

  • ∙ No down payment for qualified borrowers
  • ∙ Liberal qualifying guidelines
  • ∙ Stable and predictable fixed rates

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Annual ARM
This loan has a rate that is recalculated once a year.

Monthly ARM
With this loan, the interest rate is recalculated every month. Compared to other options, the rate is usually lower on this ARM because the lender is only committing to a rate for a month at a time, so his vulnerability is significantly reduced.

 *Loans are not made or originated by the FHA, VA, HUD or any other government agency.

Caitlin Yancey, Mortgage Account Executive NMLS #1563244
Capital City Bank
1301 Metropolitan Blvd, Tallahassee, FL  32308
Direct:  (850) 402-7965
Cell:  (850) 510-1169
Yancey.Caitlin@ccbg.com
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