Since their inception, EXIT Realty Nexus has been redefining the term “real estate.” Whether you're looking for land for sale, townhomes for sale, a house for sale, or something else, their team has the resources to make sure you have access to the best home buying tips in the industry, no matter what your budget is.

As most aspiring homeowners know, not all loans are created equal. So what are some of your options?

According to usa.gov, adjustable rate mortgages (also known as ARMs) generally offer lower initial interest rates than fixed rate loans—though your loan payments are apt to rise if interest rates do.

FHA (Federal Housing Administration) loans, on the other hand, are beneficial in that they allow people who don't qualify for home loans to obtain a loan in one down payment. However, the amounts of these loans are generally limited, so this option isn't necessarily a good one if you're absolutely set on buying a home that isn't immediately within your range.

A "balloon mortgage” offers the benefit of a fixed rate loan that requires low payments, but, because you have to pay the loan off completely within a specified time frame, such an arrangement can be risky. 

A reverse mortgage is particularly valuable for seniors in that it lets them convert their home equity to cash. Moreover, the homeowner doesn't have to pay anything on the loan as long as they're actually residing in the house. So if you're planning on staying put for awhile, this could be the option you've been looking for.

Everyone's situation is different, though—and that's why there's such a wide variety of loans out there. The team at EXIT Realty Nexus is dedicated to making sure you understand which choice is right for you. Once you're in a position to make an informed decision, you can begin the process of moving on to the next stage of home ownership.

To find out more, contact the EXIT team at (612) 281-1033. When it comes to real estate, it always pays to be savvy, so don't hesitate to contact the experts today!