“While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are getting expensive. In most cases, your alternatives might be the better bet,” The Motley Fool reports.
Many people have benefited from FHA home loans. But if you qualify for a VA Home Loan or USDA Home Loan, these could be a better option for you.
The disadvantage of an FHA Home Loan is that borrowers must pay PMI (private mortgage insurance).
Though paying PMI has allowed a lot of people purchase a home and build equity, there are lower-cost mortgages for individuals who qualify.
Read The Motley Fool article: PMI Pain: Why an FHA Mortgage Might Not Be Your Best Option.
While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are getting expensive. In most cases, your alternatives might be the better bet.
Explore Your Mortgage Options
There is not a single mortgage product that is perfect for everyone, that’s why it’s best to explore all your mortgage options.
How do you explore your options when buying a home?
The easiest way to shop for a mortgage is to use a good mortgage broker, who will review you finances and explain your options.
Marimark Mortgage is an approved broker for FHA, VA, and USDA home loan, in addition to conventional home loans and many other mortgage products.
At Marimark Mortgage, we go beyond reviewing your finances and explaining your options. We show you how to improve your financial position, often by making 1 or 2 minor changes, so you qualify for a better mortgage at a lower rate.
Obviously, some of our clients are in the best financial position they can be in, but we always analyze each mortgage application to see if there is any possible way to decrease the mortgage rate, which decreases the monthly payment.
When you are ready to shop for a mortgage, contact us as soon as possible. The sooner we begin working with you, the more time we’ll have to help you qualify for the best possible mortgage.