Posted on January 21, 2020
Mortgage Options For Home Buyer
As consumers spend more money and rely more on credit, mortgages have evolved to compensate the changes in consumer trends. In fact, mortgages have expanded to allow homebuyers with no or poor credit purchase homes.
Mortgages are now available in a dozen different forms, with some mortgages spreading payments out beyond the traditional 30-year rate and push as far as 50 years, making owning a home affordable for those who would have never dreamed of the possibility before. You can also hire mortgage agents to get best mortgage loan service by clicking at: https://www.mortgagewapp.com/
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There are three most common types of mortgages:
Fixed-Rate Mortgages:
The most common, and perhaps popular, of all mortgages is the fixed-rate mortgage. A fix-rated mortgage is the most common, because it offers buyers a firm, non-changing interest rate, and the payments stay the same for the duration of the loan. You know exactly what you'll be paying every month.
Interest-Only Mortgages:
Interest-only mortgages may sound enticing, but don't let the name fool you. You do pay more than just interest with these types of mortgage, but an interest-only mortgage allows you to defer your principle payments by paying just the interest for a certain period of time, usually five or ten years.
Federal Housing Assistance Loan Mortgage:
FHA loan mortgages are special mortgages that are insured by the Federal Housing Administration. FHA typically affords these mortgages to home buyers who can't afford a down payment, allowing lower or sometimes even no down payment for the purchase of a home.