3 Types Of Mortgages

Types of Consumer Credit & Loans. Loan contracts come in all kinds of forms and with varied terms, ranging from simple promissory notes between friends and family members to more complex loans like mortgage, auto, payday and student loans.

There’s no need to be intimidated by the loan process. With the right lender on your side, getting a mortgage can be virtually painless. Shopping for a mortgage can feel overwhelming. It’s intrusive because lenders require every detail of your personal and financial life to do their job.

Fixed rate mortgages are popular, particularly with first time buyers, because your mortgage rate is fixed for a set number of years – usually 2, 3 or 5 years but sometimes 10 years. You know exactly how much you’ll be paying each month for that length of time, regardless of what happens to interest rates on other mortgages.

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There are three main types of mortgages: conventional mortgages, which are backed by Fannie Mae and Freddie Mac; FHA loans, which are designed for low income or credit poor individuals and are backed by the Federal Housing Administration; and VA loans, which are for veterans and are backed by the Department of Veterans Affairs.

Learn about the different types of loans available and find the one that will best suit your needs. Find out what options are available when it comes to borrowing money.

Popular Types of Mortgage Loan Programs. Fixed-rate Mortgage TypesThis is the granddaddy of them all. Today you can choose from 5-year, 10-year, 15-year, 20-year-, 30-year, 40-year and even 50-year fixed-rate mortgages, all of which are completely amortized.

Another hot mortgage product generating a lot of controversy is the reverse mortgage. A reverse mortgage loan is a financial.

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With so many types of mortgages available, it's important to understand the. interest rates and offers a down payment as low as 3% (income limits apply).

For homebuyers, there are three basic types of mortgage loan options: fixed-rate, adjustable-rate and interest-only jumbo. Here’s what to know about each loan type.

There are two types of mortgages, government and conventional.. 3. Jumbo Loans are loans that exceed conforming loan amounts specified by Fannie Mae.

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