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commonly referred as the 30-Yr and 15-Yr mortgage
loan. The monthly mortgage payment and interest
rate are fixed — these amounts will never
change
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ARM's adjust their rates up or down during
a given period. This means
that your monthly payment may go up or down
during your repayment period. |
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interest-only payments on your mortgage
loan for the first 5-7 years. You can then
either refinance or begin amortized repayments for the remaining term. |
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hybrid loans are a combination of fixed
rate and ARM loans. These loans attach a delayed
adjustment period during which the initial
period is fixed. |
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for home buyers who have little or no down payment. These loans can be provided along with Private Mortgage Insurance |
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Designed for homeowners who are looking at lower initial payments to start with the expectation to refinance their mortgage later on. Negative amortization possible. |
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interest only loans, 40-year mortgages,
100+ home buyer loans and more. These are loan variations that have become popular in high-priced real estate markets. |
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designed for homeowners who take an annuity
in their home value to supplement living expenses. Must be at least 62 years of age to qualify |
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jumbo loans are above
the maximum loan amounts established by Fannie
Mae and Freddie Mac — Jumbo loans are
used to buy large, expensive homes |
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starts with a construction line to pay subcontractors
and suppliers; at the end of the construction
project, you will use a residential mortgage
to pay off the construction line |
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mortgage loans for applicants whose credit
may be below standard conforming loans. These are referred as B, C and D Loans. Interest costs for these loans may be higher. |
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other type mortgages include pledge-assets, buy-downs, and graduated loans. You need to ask about these loans since some lenders don't service them. |
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How to Manage Your Mortage
tips on how to manage your mortgage so that
payments are made on-time and payoff plans are in place |
