IRVINE, Calif., April 30, 2012 /PRNewswire/ -- Real estate season kicked off in mid-April, and if the housing marketing predications come true, homebuyers and sellers alike should prepare themselves for a better-than-average industry.
Interest rates are dropping — CNN Money reported 15-year fixed rate mortgages as low as 3.11% — and the demand for home loans is on the rise, both good signs for the housing industry.
Still, it's not just about getting the best interest rate. Getting the wrong type of loan can be just as a bad as a high interest rate, and homebuyers need to prepare themselves on the differences between FHA and Conventional, Fixed Rate and Interest Only and High Balance and Jumbo Loans.
To help homeowners and those refinancing, New American Funding has put together an infographic quiz that helps owners easily determine their right home loan based off their personal situations.
"It's about educating and making it fun," said Rosemarie Pirio, marketing manager for New American Funding. ´"We want to introduce homebuyers to something they might not know about home loans. Hopefully it will encourage people to dig in and research more."
Through a series of questions, homebuyers will learn how their credit score, household income, house size, risk-level, and more affect which type of home loan will get them the best rate.
Are you apt to go skydiving on your first date? You can probably handle more risk to test the market by choosing an Adjustable Rate Mortgage. Are you under 35? Chances are you're a first-time home buyer and now a house buying prodigy, so the FHA First-Time Home Buyer Programs can help you realize your first homeownership.
To take this interactive quiz, click here to go the New American Funding website.
About New American Funding
New American Funding is a Fannie Mae Seller/Servicer, FHA Direct Endorsement -- HUD Approved, and VA Automatic mortgage lender with over 400 employees. The company is licensed in 21 states across the nation and offers a variety of home loan options, including FHA, Conventional, VA, HARP 2 and Jumbo Loans.
MEDIA Contact Jennette Landrum, [email protected], 800.450.2010
SOURCE New American Funding