Long Beach Island Real Estate Buyer Loans
What Type of Loans Are Buyers Using in the Long Beach Island Real Estate Market 
What Type of Loans Are Buyers Using in the Long Beach Island Real Estate Market 
What Type of Loans Are Buyers Using in the Long Beach Island Real Estate Market
Long Beach Island Real Estate Buyer Information
Buying a home in the Long Beach Island real estate market is a significant investment. With home prices trending higher, many buyers look to a mortgage to help make the purchase more sustainable. There are many different types of loans available in the LBI real estate market, and here we will discuss some of the most common I see utilized. I should preface this post by pointing out that I am not a lender and that you should review any loan with a lender. Interest rates, terms, etc. can and do vary from time to time and from lender to lender. It is a good idea to shop around and see what works best for you. That said, below are the types of loans buyers are using the most in the Long Beach Island real estate market:
- Conventional 30 year or 15-year loan
- 7 or 10 year ARM
- Construction loan
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
What Type of Loans Are Buyers Using in the Long Beach Island Real Estate Market
The conventional loan with a period of 15-30 years is the most common type of loan I see buyers using in the LBI real estate market. Generally speaking, this loan offers predictability with a fixed interest rate and a fixed period. They are usually available to home buyers looking for a 2nd home assuming the buyer qualifies. A 7 to 10 year ARM (adjustable-rate mortgage) is very similar to a conventional loan; however, the interest rate will adjust after a specified period of time. This type of loan may have a lower interest rate, which can save real money in the market. This is especially significant when you consider that many homeowners only retain a loan for about ten years before they either sell or refinance. Lastly, the construction or building loan is a popular vehicle. This is a highly specialized loan product that is designed to help a buyer purchase a lot or tear down and then develop a new house. The rate and terms will vary significantly from lender to lender.
Buying With a Mortgage in the Long Beach Island Real Estate Market
While the price a buyer pays for a home is important, so too are the ownership costs of a home in the LBI real estate market. Things like the interest rate or the cost of flood insurance can be the difference of thousands of dollars each year. All buyers in the Long Beach Island real estate market should evaluate the overall picture of the home purchase to see what makes the most sense. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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