what is the best home loan type

Best answer


Conventional, fixed-rate mortgages

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  • What type of mortgage is best for You?

  • What Type of Mortgage Is Best for You? 1 Fixed-rate loan or adjustable-rate loan. When deciding on a loan type, one of the main factors to consider is the type of interest rate you are … 2 2. Conventional loan or government-backed loan. 3 3. Jumbo loan or conforming loan.

  • What are the different types of Home Loans?

  • 1 Fixed-rate loan. The most common type of conventional loan, a fixed-rate loan prescribes a single interest rate鈥攁nd monthly payment鈥攆or the life of the loan, which is typically 15 or 30 … 2 Adjustable-rate mortgage. … 3 FHA loan. … 4 VA loan. … 5 USDA loan. … 6 Bridge loan. …

  • What are the best loans for first-time home buyers?

  • Federal Housing Administration (FHA) loans. These loans are designed for borrowers who can鈥檛 come up with a large down payment or have less-than-perfect credit, which makes it a popular choice for first-time home buyers. FHA loans allow for down payments as low as 3.5 percent and credit scores of 580 or higher.

  • What type of home loan is right for You?

  • The most common type of loan, a fixed-rate loan prescribes a single interest rate鈥攁nd monthly payment鈥攆or the life of the loan, which is typically 15 or 30 years. Right for: Homeowners who crave predictability and aren’t going anywhere soon. You pay X amount for Y years鈥攁nd that’s the end.

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