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mortgages Buying a Home - types of mortgage loans

Buying a Home - what types of home loans are available and what are the advantages of each?

Fixed Rate Mortgages: Payments remain the same for the life of the loan

Types
15-year
30-year

Advantages
Predictable

Housing cost remains unaffected by interest rate changes and inflation.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits

Types
Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically)

Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan

ARMS linked to a specific index or margin.

Advantages
Generally offer lower initial interest rates. 
Monthly payments can be lower. 
May allow borrower to qualify for a larger loan amount.

>> Learn if an ARM loan (adjustable rate mortgage) make sense when buying a home

 

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