Lesson Plans and Loan Plans: How to Compare Loan Options

Teachers spend hours building lesson plans, all with the goal of delivering incredible insight on important topics to young minds ready to learn. Teachers also need to focus on their own education, especially when making big decisions like buying a home.

Southern Trust Mortgage aims to be a resource for teachers in the community who want to own a home and just need the tools to make it happen. Our Educator Advantage program provides teachers with a $400 lender credit that keeps more money in their pockets.

For teachers wondering about the affordability and accessibility of homes today, the good news is that there are often more programs and resources available than you realize. Let’s explore some important tools and resources that can help you.

Comparing Loan Options

Numerous loan types exist today. Fixed rate, adjustable rate, and numerous term lengths create competitive, and even low, monthly payments. Before jumping into any loan program, though, it’s critical to compare options. Some of the most important factors to compare when choosing a loan include:

• Interest rate: The Percentage of Interest you will pay monthly over the life of the loan. The monthly payment that goes toward the interest reduces as the years go, eventually paying more toward the principal each month than interest.

• Loan length: Longer terms help reduce monthly payments, but may extend the cost of buying a home. Typical loan terms are 30, 20, 15 & 10 Years.

• Fixed or adjustable rates: Fixed rates stay the same throughout the lifetime of the loan, creating financial stability because you know your payment, but adjustable rate loans could offer some lower monthly cost during the initial ARM period.

• Borrowing power: Factors like your income and debt play a role in how much a lender can offer to you.

• Closing costs: Closing costs are paid at closing and cover the different expenses required to complete the loan process. Your agent can often help you negotiate with the seller for paid closing costs.

At Southern Trust Mortgage, our lending team works directly with you to compare options, find the most affordable loan, and aid in securing the best interest rates available. With professional support, it’s easier to find loan terms that better suit your individual needs. Learn about Homebuying today!

Connecting Teachers With Savings Opportunities

Teachers can obtain a loan that fits their needs through Southern Trust Mortgage. Speak to your lender about:

• Down payment assistance programs within your community

• Teacher-specific saving opportunities (including our Educator Advantage program)

• Community-specific savings options

As a teacher, you deserve an opportunity to own a home and build your life in the community. With the Educator Advantage and the wide range of lending options available to you from Southern Trust Mortgage, learn more about homebuying today.