41. Mortgage Types and Down Payments: A Guide for Home Buyers

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Let’s discuss how to take a holistic view on finding a mortgage that works for your situation. There are various mortgage types, including 15-year and 30-year conventional loans, 5-year adjustable-rate mortgages, 30-year VA loans, all with different down payment options, and FHA loans. With buying a house being such a large decision, let’s examine these options, emphasizing the importance of considering both qualitative and quantitative factors in your financial situation. We’ll go through detailed breakdowns of what your monthly payments and total interest costs over various time periods might look like, highlighting how different choices can impact the lifespan of your loan. Tune in, as I aim to empower you with comprehensive insights to make well-informed decisions regarding your next home purchase tailored to your long-term goals.

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Key Takeaways:

• Given your timeline and down payment, what will your mortgage cost in fees and interest?
• How does putting 5% down on the VA loan drastically improve your home buying situation?
• Should you plan on refinancing your mortgage in the near future?
• What qualitative factors should you consider when getting ready to purchase a home?

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Key Timestamps:

(00:00) Introduction to Mortgage Types

(01:12) Overview of Mortgage Options

(02:56) Loan Calculator: Down Payment, Monthly Financing, Loan Term, & Interest

(04:36) Comparing VA and Conventional Loans

(06:02) Long-Term vs Short-Term Mortgage Considerations

(08:53) Final Thoughts and Recommendations

(10:48) Conclusion and Additional Resources

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Key Topics Discussed:

Home mortgage, conventional, government backed, fixed rate, adjustable rate (ARM), Veterans Affair, VA loans, FHA, first time user, subsequent user, refinancing, interest rates

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More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

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