South Orange County Real Estate

by Nick Bublik & Irina Bond

Mortgage Tips

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Types of Mortgages

There are many types of mortgage loans available to homebuyers, and within each of these types there are many options:

  • Fixed-rate: A fixed-rate loan offers a monthly payment that is known and does not change. Most fixed-rate mortgages are for loan terms of 15 or 30 years.
  • Adjustable-rate or ARM: After a predetermined initial term, the interest rate on an adjustable-rate mortgage loan is re-set periodically. This ensures that the rate reflects current market interest rates. For example, a 3/1 ARM loan offers a fixed rate for the first three years, adjusting once a year thereafter. A 5/1 ARM loan offers a fixed rate for the first five years, adjusting yearly thereafter.
  • Convertible: This is an ARM loan that allows you to convert to a fixed-rate loan at or before a specified time. The conversion privilege lets you start off with a low variable rate, then “lock” the rate at a fixed amount depending on market conditions.
  • Balloon: These loans often have interest-only payments, in which case the loan principal is not reduced and the entire loan amount is due at the end of the loan term.

Also, be sure to consider the programs that are available to first-time buyers through city, county, state and Federal entities. You may qualify for counseling services and/or down payment and closing cost assistance.

Once you’ve decided on a loan type, take the next important step. Getting pre-qualified and pre-approved for your loan is critical for many reasons. It can help you narrow your home search to save time, and help you get a clearer picture financially.

 

Daily Rates

Equally important to knowing your credit score is staying familiar with current mortgage rates. These rates change on a daily basis, so it’s important to check them often during your home search.Below are several links to financial institutions that publish their rates daily as well as the different types of mortgages which you should familiarize yourself with.

www.bankrate.com

www.bankofamerica.com

www.wellsfargo.com

 

Send us a message to nickbublik [at] cox.net for personal referrals to lenders we have worked with in the past!

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About Us

As a Russian-speaking South Orange County team and residents of 20 years, Nick Bublik, REALTOR®, & his assistant, Irina Bond, are qualified and committed to guiding their clients through the real estate buying and selling processes with utmost loyalty and a wide range of experience.

Committed to providing exceptional service in each of their endeavors, Nick & Irina are passionate about helping each client reach their real estate goals. Through organization, dedication and perseverance, they deliver on their promises and facilitate results, no matter how complex the circumstances.

Together, Nick & Irina promise real estate transactions that exceed expectations.

Nick Bublik, REALTOR®
(949) 233-9304
Irina Bublik, Assistant
(949) 939-7831