Most Popular Mortgage Options

by John Baer 10/06/2019

When it comes to financing your home, you have a several mortgage options available. Each type of mortgage offers different advantages, so be sure to do research before applying. Below are some of the most popular types of mortgages borrowers may consider. 

Conventional Loans

A conventional loan is a mortgage not insured by the federal government. In most cases, conventional loans will conform to the standards established by Fannie Mae and Freddie Mac. However, some lenders may offer loans that do not adhere to these standards, which are known as non-conforming loans. In most cases, conventional loans will require a down payment of 20 percent. Otherwise, you will have to pay mortgage insurance. 

FHA Mortgages

FHA mortgages are a popular type of government-backed loan that is designed to give people with lower credit scores and/or lower buying power the ability to purchase a home. If you opt for an FHA mortgage, you may not need to make as large of a down payment, but you will need to pay mortgage insurance. Backed by the Federal Housing Administration, these loans are popular among first-time homebuyers. 

VA Mortgages

VA mortgages are home loans backed by the U.S. Department of Veterans Affairs. These loans are available to current members of the military as well as veterans. If you qualify, VA mortgages are very beneficial, as they offer a lower interest rate and may not require a down payment. VA mortgages don’t require you to pay any mortgage insurance, either. 

Jumbo Mortgages

A jumbo mortgage is a loan that has limits higher than most other mortgages, which allows you to buy a more expensive property. These loans are most popular in areas where home prices are higher. Interest rates on jumbo mortgages are usually comparable to the rates paid on a conventional loan. However, the qualification requirements are much more strict. In most cases, you will need to show proof of significant assets, as well as a high credit score. Some lenders may offer other options, but the mortgages above are the most common. 

Keep in mind that even after you have chosen the type of mortgage you want, you will still have other decisions to make with regard to the type of rate and the length of the term. To make the best decision for your needs, consider working one-on-one with an experienced mortgage agent who can review your situation and help you choose the loan that makes the most sense.

About the Author
Author

John Baer

Attentiveness, Honesty and Integrity, Concierge Service. That’s what you’ll get with John Baer.

John has more than 40 years’ experience meeting client needs and providing clients concierge services.

He is a Seller Representative Specialist (SRS). Fewer than 2.5% of all New York State real estate agents have earned this designation.

He is a Seniors Real Estate Specialist (SRES) and has been providing service excellence to seniors for over 40 years. Fewer than 2% of all real estate agents nationally have earned this designation.

Home Buyers: If you want to buy a home, John will first listen to your needs in order to better understand your goals and objectives so that he can identify all available homes that meet your criteria. As part of this process he will help you understand the communities and market trends. He will assist buyers with negotiations, locate the right home for the right price, inform about mortgage opportunities, and suggest reliable household service contractors. John approaches his buyers as his clients, working with them, on their timeline, as their personal real estate consultant from day one. And, he is with his clients through the closing and beyond, in short, you, the buyer, are a client for life.

Home Sellers: If you are a seller and want to sell your home in southern Westchester, John can tell you what it is worth. Zillow.com and Trulia.com may be the starting point for many sellers, but they are hardly the last word in reliability. If you really want to know what your home is worth, you need an experienced agent; one who knows the ins and outs of individual neighborhoods; and one who can explain to you why one home sold for more money than the one down the street. John is that person. John will provide the home seller a thorough market analysis and detailed marketing plan that will maximize your showings and sell your home. With his expert eye, John will guide you and help you ready your home for the maximum impact. All in all, John will apply his skills to sell your home. And, he will be with you through the closing and beyond. With John, you are a client for life.

John primarily represents sellers and buyers in Scarsdale, Edgemont, Hartsdale, New Rochelle, Ardsley, Harrison, and White Plains neighborhoods. Although John works with buyers and sellers of all ages, he is certified as a Seniors Real Estate Specialist assisting older homeowners so that they can painlessly deal with the unique issues of selling their homes and moving on to their next residence.

John, who has a Masters degree from Columbia and a doctoral degree from New York University, is associated with Berkshire Hathaway HomeServices, a real estate brokerage network built for a new era in residential real estate. The network, which is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the market a definitive mark of trust, integrity, stability and longevity. Established in 2013, Berkshire Hathaway HomeServices was already named "Real Estate Agency Brand of the Year" by consumers in the 26th annual Harris Poll EquiTrend study of the largest real estate networks. 

John Specializes in Working with Senior Home Sellers

John is a Certified Seniors Real Estate Specialist (SRES). Only a very small percentage of real estate agents have earned this designation.

Are you over the age of 50 and considering selling the family home? This is where John’s expertise comes in. He has worked with and provided seniors outstanding service for many years, and they have benefited from his experience, knowledge and marketing savvy.

Those qualities, along with a special knowledge of managing the sale of a home for those over the age of 50, is what John can bring to your next real estate transaction.

John is particularly skilled in assisting seniors with emotional challenges senior clients face when they sell a long-held family home.

As a SRES designee, John not only can create a customized approach to marketing and selling your property, but he can also work with you to explore your housing options to ensure that your next home best serves your current and future needs and concerns.

John has special knowledge about everything from de-cluttering your home and identifying senior move specialists to reverse mortgages and renovating a home to incorporate safety and security features that will help seniors “age in place”.

John also helps you steer clear of loan schemes and scams that victimize aged 50+ borrowers.

And when you need help from other professionals, John can tap his network and put you in touch with qualified home inspectors, movers, attorneys, CPAs and other experts.

The bottom line is, John has extensive resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

So, if you are age 50 or older and thinking of buying, selling, renting or relocating, do yourself a favor and contact John for specialized help with your real estate transaction.

John has earned the Seller Representative Specialist (SRS) designation

The Seller Representative Specialist (SRS) Designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Council of Real Estate Brokerage Managers (CRB) who meet specific educational and practical experience criteria. Only 2.5% of New York State real estate agents have earned this designation.

John, as a SRS designee is a member of an elite group of trained seller client advocates that know the importance of the home seller’s specific needs by using Seller Counseling Sessions to ensure all needs are addressed. John concentrates his efforts on his client’s ultimate goals to ensure his client is at the center of the sale. He is extensively trained in a wide variety of marketing methods to uniquely promote his client’s property to the widest range of prospective purchasers.

John understands that negotiation skills is critical to a successful transaction and is trained to ensure the home seller receives the best possible outcome during negotiations of the sale. 

As a SRS designee, John adheres to the highest level of professional ethics and business practices in delivering service excellence with integrity. He is uniquely qualified to exceed his client’s expectations and earn the home seller’s trust. John knows the importance of staging his client’s property for best results. Staging is a critical component, along with accurate pricing, to attain desired results within a timely manner.  He has an advanced level of understanding on how to collaborate with a variety of cooperating agents of all skill levels in the marketplace to insure that the ‘best’ buyer has an opportunity to purchase his client’s property.

  A Berkshire Hathaway HomeServices Realtor

John elected to join Berkshire Hathaway HomeServices because of the real estate agency’s integrity, professionalism, innovation and highest standards of work. This is why Berkshire Hathaway HomeServices was named “Real Estate Agency Brand of The Year” and “Most Trusted Real Estate Brand” in 2018 in the Harris Poll EquiTrend Study. This is the second year Berkshire Hathaway HomeServices has received Brand of the Year since receiving the award in 2014.

Berkshire Hathaway HomeServices Westchester Properties, formally Prudential Centennial Realty which has been providing real estate services in Westchester since 1981, is now the principal Berkshire Hathaway real estate office in Westchester. It is part of the nation’s second largest real estate network. John chose to join Berkshire Hathaway HomeServices because the network is built for a new era in residential real estate, and is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name which brings to the market a definitive mark of trust, integrity, stability and longevity.