When the homeowner approaches the lender and they begin the process of filling out the mortgage loan application, it is a very good idea to know what types of mortgages are available and the advantages and disadvantages for each of them. This article takes a look at one year adjustable rate mortgages, fixed rate mortgages, 2-step mortgages,
Fixed-rate mortgage. You pay the same interest rate and same monthly payment of principal and interest for the duration of the mortgage. The most common terms are 30, 20 and 15 years. Fixed-rate mortgages are best if you plan on being in your home for a while. Adjustable-rate mortgage (ARM).
Mortgage loans can be categorized into many different types based on interest rate, the amount borrowed, term of the loan and its amortization, payment amount and frequency, as well as if there is any government programs involved. There are many federal and state and local government housing programs.
· Mortgages today are classified into two categories: qualified, and non-qualified. Qualified mortgages are designed to cater to individuals who can fully demonstrate their ability to pay back a loan. But a significant part of the American population does not fall within this category.
Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans. What types of federal student loans are available? How much money can I borrow in federal student loans?
3 Types of Land Loans Clarified Vacant land loans are designed to provide funding for the purchase of property that is undeveloped. There are a number of different loan vehicles available to achieve this goal, but not all properties will qualify for each type.
Costs based on assumed completion date of . A 100% LTV mortgage is one of the most controversial types of mortgage available, but how do they work and what should you be aware of? What is a 100% LTV.
First Time Home Buyer Loan Texas First time home buyer grants | Texas State Affordable. – Are you ready to buy your first home? TSAHC can help. The Texas State Affordable Housing Corporation (TSAHC) provides grants, mortgage credit certificates and home loans to first time home buyers through the following programs:First Time Home Buyer Down Payment Down Payment Solutions – Official Site – A first time home buyer is defined as an individual, who has not had an ownership interest in a home within the last three years. If you fit this definition, you might be eligible for down payment assistance.
Because of the housing crisis, many of us have come to believe that certain types of mortgages are inherently risky. However, mortgage experts will tell you that a risky mortgage is really. the.
Government Mortgage Loan Programs Now that you know a bit about different home loan types, we can focus on home loan programs. As I mentioned earlier, there are a ton of different loan programs out there, and more seem to surface every day. Let’s start with the most basic of mortgage loan programs, the 30-year fixed-rate loan.Harp First Time Home Buyer EFAST FUNDING – Houston & Harris County First Time Home. – Texas Mortgage Loans. Welcome to the official site of Efastfunding. We are a full service mortgage company based in Cypress, TX. We specialize in First time home buyer loans anywhere in Texas.