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What are the different types of mortgages?
What are the different types of mortgages? I know there's different lengths of time. And it seems like then the interest rates changes with the different lengths?
Asked By Alicia | Boise, ID | 659 views | Finance Legal Info | Updated 2 years ago
Answers (3)
Jamie Merwin
ZMD REALTY
The most common are fixed-rate FHA, Conventional & VA loans. Fixed-rate means the interest rate never changes over the life of the loan. Most home buyers obtain a 30-yr loan because the monthly payments are much more affordable than a 15 yr loan. If you can afford the monthly payments of a 15 yr loan though, you may be able to secure a lower interest rate and in the end, pay a tremendous amount less for the home vs a 30 yr loan. Best of luck!
- 1 year ago
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Michael Miller
HomeFound Group
I could go on and on here... For the average consumer you will be looking at Conventional and FHA options with FHA options have lower interest rates but higher up front fees. The qualifying standards for FHA are not as strict as CONV allowing first time home buyers, buyers with lower credit scores or higher debt to incomes to still get qualified. I think the big thing to pay attention to is that 5% and 20% down are the two best options in my opinion. Putting 6%-19% down doesn't change your mortgage payment significanlty enough. That money could be better used in a high yield investment. Of course everyone has different tolerance for leverage (or risk) and that is an important deciding factor.
- 1 week ago
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Karen Roberts
Life Changing Lending
There are Conventional, FHA and VA loans that are fix rate and Base off of the Market the FHA are low interest rate than Conventional loan.
- 1 year ago
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