If you’re thinking about buying an existing home or a new home, chances are you’ll need to borrow money from a lender to buy the home. Finding a lender takes work, but it’s not impossible. On average, 13,205 houses sell every day and lenders approve 9,640 borrowers every single day. That’s a lot of loans being approved! Most loans fall into one of three categories: Conventional loans, FHA (Federal Housing Administration) loans, and VA (Veterans Administration) loans. Conventional loans account for account for 76.6 percent of all loans with 92 percent of those loans having a fixed interest rate and 8 percent of those loans having an adjustable interest rate. FHA loans comprise 13.3 percent of all loans and VA loans make up the remaining 10.1 percent of all loans. [Read more…]
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