Of course you know there are different types of home loans. It’s important to know your options so you can find a mortgage loan that fits your lifestyle and requirements. I thought it would be good to go over the different types.
30-year fixed-rate mortgage – this is the most common and traditional one that lasts for 30 years with a fixed interest rate and monthly payments.
Adjustable-rate mortgage – the interest rate on this mortgage periodically adjusts based on an index reflecting the cost to the lender of borrowing on the credit markets.
VA mortgage – this is a type of military loan that mortgage lenders issue to qualified veterans, active service members, and spouses. They’re backed by the Department of Veterans Affairs (VA).
15-year-fixed-rate mortgage – similar to the 30-year, a 15-year is a home loan that requires monthly payments and has a fixed interest rate.
FHA mortgage – a US Federal Housing Administration mortgage that’s insurance-backed and provided by an FHA-approved lender. This mortgage insurance protects lenders against losses.
USDA mortgage – a USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program. It’s a mortgage loan offered to rural property owners by the USDA (United States Department of Agriculture).
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