With an adjustable rate, ask how long the first rate lasts, how high it can go, and what your payment would be at the top.
Your taxes and insurance can still change with a fixed rate. Only the loan part stays the same.
Should I get a fixed rate or an adjustable rate mortgage?
Most of our buyers pick a fixed rate, so the loan part of the payment never changes. An adjustable rate starts lower but can go up later.
More questions
- Can I use a VA loan on a new construction home?Yes. Most new homes in Florida and Georgia can be bought with a VA loan, and many builders work with VA buyers every day.Read the answer
- Can I use an FHA loan on a new construction home?Yes. FHA loans are common on new homes, and they help buyers with lower credit scores or a small down payment.Read the answer
- What is a USDA loan, and can I use it on a new home?A USDA loan is a home loan with no down payment for homes in places the USDA counts as rural. Many new communities on the edge of town qualify.Read the answer
- Do I have to be a first-time home buyer to get a good loan?No. Most loans, including low and no down payment loans, are open to people who have owned a home before.Read the answer