Guide to Refinance, Mortgage,
& Home Equity Loans in
East Lake, Florida (FL)

When it comes to value appreciation, few housing markets in Florida can come close to the East Lake, Florida area’s activity. The homes in East Lake have been consistently appreciating for the better part of 10 years and show no signs of slowing. Featuring luxury and gated communities, homes here are among the most sought after.

Buying a home in this area is not only a smart investment financially, but your quality of life is sure to rise. East Lake’s focus on education, safety, and Florida living makes it a great place to own a home. If you have spent any time in Florida, then you have probably considered moving into the East Lake area. Here is some information about the lending options available you for a first mortgage.

Interest-Only Loans

Sometimes, the home you are interested in is just a little out of your price range. The interest-only loan makes it possible to live in a house that would normally be just above your price range. Many people initially wonder why anyone would be interested in an interest-only loan. The reason is that it offers flexibility to the homeowner. In order to truly benefit from this kind of financing, it is important to realize how it works. With an interest-only loan, you only pay an interest payment. This usually continues for a period of 10 years at which your payments would then apply to both principal and interest. You do have the freedom to pay more then the interest each month, so a disciplined homebuyer will still be able to gain equity in his or her home.

Balloon Loans

Balloon loans are common and have gained popularity in the last several years. This loan is basically a 30-year loan that matures after 5,7 or 15 years. This means that the balance of the loan is due at that time. This loan offers a lot of options for the homebuyer, mainly in the way of interest savings. Attractive interest rates make this loan a tool used by investors and homebuyers. So what do you do when the loan matures and it hasn’t been paid in full? Simply, you pay it. To do this, most people will have to refinance into a standard mortgage loan. In most cases though, people who are planning on selling their homes before the loan matures use this type of loan

Fixed Rate Loans

The fixed rate loan is the most popular loan type. The payments are reasonable and are stretched out over a period of 15 to 30 years. This loan is one of the most common because it leaves no question as to your payment amount each month. Budgeting is very important for most buyers. That makes this loan better for them then an adjustable rate mortgage. With adjustable mortgages it is quite likely that your payments will go up within a few years. Most people refinance to fixed rate mortgages in order to get away from high interest rates. If you refinance, make sure that the cost of refinancing does not negate the interest savings. This means that you should wait a couple of years to refinance unless there is a difference of around 2 percent.

Home Equity Loans

Unlike the mortgage or refinance loan, home equity loans are for people who already own their homes. The equity is calculated by taking the difference between the balance of your principal and your home’s market value. The interest rates on a home equity loan are higher than a standard home loan. The terms are usually shorter as well. Most home equity loans are paid off within 15 years. While you certainly don’t need a reason to use your home’s equity, there are ways to make sure that you benefit from doing so.

Use your home equity loan to pay off high interest debt. This will save you thousands in interest payments and may make it easier for you to save money for retirement. Since the value of homes in East Lake is rising, do some home improvements to make sure that you home will get a fair market price.

No matter what type of financing your are interested in, there are several options available to you. By simply filling out the form below, you can have a professional’s help so that you can make the right decision.


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