Home Mortgage Types

Mortgage is the term for a loan to buy a house described. There are many different types of mortgages. Here is a list of some of the better known use along with a brief definition of each.

* VA mortgage - These are military veterans.
* Fixed Rate Mortgage - The interest rate will remain for the entire term of the loan.
* FHA loans - Federal Housing Authority loans are for first time buyers need good flexibility.
* Adjustable Rate Mortgage Loan - The interest rate fluctuates according to the market.
* Combination Mortgage - The rate is fixed for a certain period, then goes to an adjustable speed.
Lets be the loan from another party after qualifying for the loan taken - * qualifying assumable mortgage.
* Credible unqualified mortgage - allows the loan to another party, without being taken to qualify for the loans.
* Buy-down mortgage - interest is paid and forward the balance is over a predetermined period of time so that the lower payments paid during the buy-down.
* Hybrid Mortgages - Thirty Years' loans where the interest rates changed once during the life of the loan, usually after one year, five or ten of the loan.


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Home Mortgage Types

Mortgage is the term used to describe a loan to purchase a house. There are many different kinds of mortgages. Here is a list of some of the better known ones along with a brief definition of each.

* VA mortgage – These are available to military veterans.
* Fixed rate mortgages – The interest rate remains the same for the life of the loan.
* FHA loans – Federal Housing Authority loans are good for first time buyers needing flexibility.
* Adjustable rate mortgage loan – The interest rate fluctuates according to the market.
* Combination rate mortgages – The rate is fixed for a predetermined period, then goes to an adjustable rate.
* Assumable qualifying mortgage – Allows for the loan to be assumed by a different party after qualifying for the loan.
* Assumable non-qualifying mortgage – Allows for the loan to be assumed by a different party without having to qualify for the loan.
* Buy-down mortgage – interest is paid up front and balance is paid over a predetermined length of time resulting in the payments being lower during the buy-down period.
* Hybrid mortgages – Thirty year loans where the interest rates are changed once during the term of the loan, usually after year one, five, or ten of the loan.