A mortgage program.docx - Surname 1 Student's name Instructor's name Course Date A mortgage program The purchase of the real property is not just a

A mortgage program.docx - Surname 1 Student's name...

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Surname 1 Student's name Instructor's name Course Date A mortgage program The purchase of the real property is not just a financial commitment rather it's a huge milestone. Whether you are a first-time buyer, consistent one or even a veteran one, a mortgage program plays a vital role in the finance of real estate property because it helps the borrowers to determine and know if the mortgage is financially sustainable. Thus, a mortgage program is a set or group of related features attributed to a certain type of mortgage, including the type, initial rate period, terms, and whether it is insured (Ling & Wayne, 18). Real estate financing programs Whether you are buying your first real estate property, you would most likely need financial assistance to close the business. Therefore, traditional 30-year loans, interest only loans, variable interest rate loans, 15-year loan, and “No Doc” loans are the prevalent types of real estate financing programs (Ling & Wayne, 17). First and foremost, traditional 30 years loan is a financing program whose interest rate is uniform throughout the lifetime of the mortgage.

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