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What are the different types of mortgages?
What are the different types of mortgages? I know there's different lengths of time. And it seems like then the interest rates changes with the different lengths?
Asked By Alicia | Boise, ID | 163 views | Finance Legal Info | 8 months ago
Answer(2)
Jamie Merwin
ZMD REALTY
The most common are fixed-rate FHA, Conventional & VA loans. Fixed-rate means the interest rate never changes over the life of the loan. Most home buyers obtain a 30-yr loan because the monthly payments are much more affordable than a 15 yr loan. If you can afford the monthly payments of a 15 yr loan though, you may be able to secure a lower interest rate and in the end, pay a tremendous amount less for the home vs a 30 yr loan. Best of luck!
- 7 months ago
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There are Conventional, FHA and VA loans that are fix rate and Base off of the Market the FHA are low interest rate than Conventional loan.
- 7 months ago
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