Different Types Of Mortgage Loans

One of the most confusing parts of the mortgage process can be figuring out all the different kinds of lenders that deal in home loans and refinancing.

Interest-only Mortgage Types: Calling a mortgage loan type an "interest-only mortgage" is a bit misleading because these loans are not really interest-only, meaning the borrower pays only interest on the loan.Interest-only loans contain an option to make an interest-only payment. The option is available only for a certain period of time.

Your life and finances are different from every other home buyer, and your mortgage should be tailored to fit. There are several different types of mortgage loans. Finding the type of mortgage that meets your unique needs can save you money and help make you a homeowner sooner.

What are the different types of mortgage loans available to home buyers in 2019, and what are the pros and cons of each? This is one of the most common questions we receive here at the home buying institute. This page offers some basic information about the types of loans available in 2019. Follow the hyperlinks provided for even more information.

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There are two main types of mortgages: Fixed rate: The interest you’re charged stays the same for a number of years, typically between two to five years. Variable rate: The interest you pay can change. Fixed rate mortgages. The interest rate you pay will stay the same throughout the length of the deal no matter what happens to interest rates.

 · 5. Adjustable-rate mortgages; 1. Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans.

Think of this as a menu of just about all the types of mortgages there are, what you need to know about them – and the type of borrower for which each home loan is best suited.

 · When you take out a mortgage, whether it’s to buy a house or refinance an existing home loan, it’s likely the lender will charge you “points.” A point is a fee equal to 1 percent of the.

Goverment Home Loan Assistance homebuyers choice loan homebuyers choice 30yr fix rate. asked by Fungirl, Washington, DC Tue Jun 21, 2011. Can someone tell me are their special qualifications for a HomeBuyers Choice mortgage 30 year fix? I was told that you can purchase this type of mortgage through a credit union with no money down and that it was good for first time home buyers.For a single-family home, the maximum loan value is $729,750, and the property can’t be condemned.. "How Do I Qualify for Government Mortgage Assistance?" Home Guides.

Buying a home for the first time? Understanding the different kinds of mortgage lenders you will encounter when searching for your home loan will put you in a.