Mortgage Rates in Nebraska
Securing the best mortgage rate on your home is one of the best ways to cut down on the cost of your mortgage each month. With the cost of a home in 2018, even a little saving on the interest rate of your home loan can mean a lot of savings for you, which is why it is important to find mortgage lenders in Omaha NE, with the experience and dedication necessary to help you out.
Your mortgage rate will depend in part on the type of loan that you choose. Here, there are a few different options that your Omaha mortgage lender will be able to walk you through to help you choose what is right for your situation.
- 30-year fixed loan – This is the most common loan type, and it offers you a fixed interest rate for the life of the loan, which will last for 30 years assuming you stick to your payment schedule. This offers steady, predictable payments and a lower monthly total payment than the next loan option.
- 15-year fixed loan – Similar to a 30-year fixed loan, this offers you a fixed interest rate for the life of the loan, which will last for 15 years assuming you pay your payment amount each month. The main advantage of this loan type is that you pay off your loan faster and pay less interest over the life of the loan. The disadvantage is that your monthly payment will be higher, which can make it difficult to fit into your monthly budget.
- 5/1 ARM loan – This loan type will offer you a fixed interest rate for the first five years of your loan, but the rate may change every year thereafter. This can cause a swing in your monthly payment amount, and you risk the interest rates rising after you have been paying off your home for five years. However, it does offer a lower interest to start than a 30-year fixed loan.
Mortgage Lenders Omaha Ne | Steph the Mortgage Genie
A mortgage company in Omaha will help you understand the terms, advantages, and disadvantages of all of your mortgage options, helping you make the best decision for your individual situation. If you are a qualifying veteran or active service member, you may qualify for a VA loan, which can help you secure a lower interest rate and more favorable terms.
If you have a low credit score or a lower income, talk to your mortgage lender to see if you qualify for an FHA loan. This can be a great way to get into a home even if you do not have a traditional down payment amount saved.
For all of your Omaha mortgage needs, contact Steph the Mortgage Genie at Fairway Independent, who can help you secure financing for your next home. For more than 10 years, she has proudly served the people of Omaha, helping them secure loans at great rates to make their dream of home ownership a reality.