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.