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What types of loans are available in Mortage Loan? |
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| Whether you are looking for a first mortgage, adding a second mortgage or trying to refinance an existing mortgage. |
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| This classification is based on the type of interest rate structure governing the loan. The most common mortgage terms are 30 or 15 year loans (also, 25, 20 and 10). Generally, a short term loan will have less interest and higher payments - a long term loan, more interest and lower payments. A 15 year mortgage may have less than half the interest costs of a 30 year mortgage. |
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Characteristics of an adjustable rate mortgage |
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Financial adviser can help you with... |
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VA loan
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Like the FHA loans, VA loans |
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Department of Veteran Affairs; lenders make the loans to eligible veterans for the purchas |
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VA loans also have easier eligibility requirements than conventional loans, often lower closing costs |
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RHS loans, guaranteed by Rural Housing Services under U.S |
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| Conventional Loans |
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Loans that adhere to the guidelines set forth |
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Loans that fall into “B, C or D” paper profiles are the non-conforming loans. |
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A reverse mortgage is designed to help elderly |
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When a borrower does not have sufficient down |
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| Investing |
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A Two-Step mortgage begins with a fixed rate |
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Much like a two-step mortgage, some ARMs provide an option to later convert to a fixed rate |
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Contrary to convertible ARMs, fixed-period ARMs begin with a fixed rate that extends for a specified “fixed” period. |
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The elderly home owner is secure in the home even if the loan term ends |
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