Different Type Of Mortgage Loans

Stafford Loans. The federal Direct Loan program is better known as "Stafford Loans’ and these are available to undergraduate and graduate students. Money for these loans comes directly from the federal government. There are two types of Stafford Loans: subsidized and unsubsidized. The type helps determine your interest rate and maximum loan.

For homebuyers, there are three basic types of mortgage loan options: fixed-rate, adjustable-rate and interest-only jumbo. Here’s what to know about each loan type.

The Basic Types of Loans 1. Conventional / Fixed Rate Mortgage. Conventional fixed rate loans are a safe bet because of their consistency – the monthly payments won’t change over the life of your loan. This is your standard, plain-vanilla mortgage. They’re available in 10, 15, 20, 30, and 40-year terms but 15 and 30 are the most common. 2.

Because the loan is backed by collateral, banks may offer lower rates than those for unsecured loans. con. greater risk for you. This also means the lender may be able to seize those assets should you fail to repay the loan. There are a couple types of secured loans you probably want to avoid: Car title loans. Not to be confused with a loan.

First Time Home Buyers With Bad Credit The very short answer to the first question is this: pay off high-interest-rate debt first. Which begs the question: when does the interest rate count as "high"? Most of the time. pay off the.

Did you know there are many different types of mortgages? We list 16 of the most common mortgage options, along with the pros and cons of each.

You can choose from different loan options depending on the amount of your down payment, your personal preferences, and if you qualify for special loan programs. Get information about the length of the loan (typically 15– or 30-year), interest rate (fixed or adjustable rate) and loan program types (conventional, FHA or VA).

Then there are government loans, such as the widely popular FHA loan. This type of mortgage is backed by the Federal Housing Administration (FHA), a government housing agency. Another common government home loan is the VA loan, backed by the Department of Veteran Affairs, which allows zero down financing.

What Loan Is Best For Me Choosing A Lender First Time Buyer First time home buyer With No Credit The first-time home buyer program is available to first-time potential buyers, even those with a lower credit rating, and fewer funds available for a down payment. The exact qualifications can vary from lender to lender, and there are unique rules that can apply. At University Federal Credit Union, our first-time home buyers must use the loan.A time buyer choosing First Lender – Hisdacademics – 6 First-Time Homebuyer Mistakes to Avoid Buying a home is one of the biggest financial decisions you’ll make in your life – and one of the largest sources of stress for many first-time buyers is the financing process. First-time home buyer tips from 26 of the Nation’s top Real.Eloan Personal Loan. No origination fee, no prepayment penalties, and next business day funding, if application is approved**.

Think of this as a menu of just about all the types of mortgages there are, what you need to know about them – and the type of borrower for which each home loan is best suited.