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Published on May 13, 2020 | Jay Brennan
For most Americans, owning a home is part of the “American Dream.” It is also one of the largest expenses and biggest investments you can make in your life. It is very important to know your options and choose wisely when looking to finance your home or tap into the equity in your home. Here is a snapshot of the different types of mortgages and home equity products available to you as a homeowner or future homeowner.
Whether you’re buying your first home, or considering refinancing, it is important to know your options to see what the right fit is for you. The most common types of mortgages available are:
Can’t afford to put 20% down payment towards your purchase?
Don’t worry; there might be options to help you:
If you have owned your home for some time, improved it, or had a significant down payment at time of purchase, you may have earned equity in your home. There are two major types of products that can help homeowners get access to their equity.
Determining if a home equity product is right for you and which one is the best fit has a lot to do with your specific needs. Typically, if you are looking to purchase or pay off a fixed amount, a home equity loan may be the best fit. If you are looking to secure funds for things that spread costs over time, are for a future need, or simply to prepare for a possible future need, a home equity line of credit might be the best fit. Many banks, including Webster, will give qualified applicants access to up to at least 80% of their homes value, if they otherwise qualify. A discussion with a trusted local banker will help to determine the right solution for you. For many homeowners, it may even be a combination of the two.
It’s no secret that rates for lending products like home equity loans, lines and mortgages are near historic lows. That won’t last forever, though. Now is the time to see if any of the available home lending solutions might be the right fit for you, including purchase programs to help anyone looking to become a homeowner. Please call 800-325-2424 or stop by your local Webster branch to see what solutions might be right for you and your family.