The Different Types of Mortgages

To enhance your buying experience, it’s my job as real estate professional to provide you with as much valuable information as possible. It is essential that you the buyer are aware of all aspects of the real estate transaction when making a major decision.

There are several different types of mortgages to choose from based on your buying situation. There are your traditional mortgages which include the 15 yr and 30 year fixed rate mortgage or the ARM also known as an Adjustable Rate Mortgage. There is an FHA mortgage, which one of the major benefits to this mortgage is a lower down payment requirement. There is also the specialty mortgages which include interest only mortgages, negative amortization mortgages, payment option ARM mortgages, 40 year mortgages and possible others.

It is a good idea to review all of the options available to you for your particular situation, and discuss these options with your REALTOR and mortgage professional. You can select any one or all of the reports below, they will provide you with valuable information on the different types of mortgages and how they work. Helping you better understand how these mortgages work will ensure you make an informed decision when selecting your mortgage.