Mortgages are the long-term loan that is taken out when purchasing a home or property. Finding a the right mortgage is a crucial first step in the home buying process. It is important to become well informed and smart when picking out the loan that you will be paying for the next 30 years. With many mortgages to choose from, we bring you everything you need to know about mortgages.
The two most popular mortgages available are fixed rate and non fixed rate mortgages. Here are the popular mortgage options available:
- Fixed-rate mortgage
- Adjustable-rate (ARM) or variable-rate mortgage
- FHA (Federal Housing Administration) loan
- VA loan
- Balloon mortgage
- Reverse mortgage