Menu
The Main Types Of Mortgages

What Types Of Mortgage Loans Are Available?

What Types Of Mortgage Loans Are Available? Unlimited Mortgage Lending
This video tells you about the most common types: Fixed Rate, ARM, Balloon and 2-Step. First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable. A second common type is an Adjustable Rate Mortgage, or ARM. ARM Payments increase or decrease on a regular schedule with changes in interest rates increases are typically subject to limits. Third, Balloon Mortgage: These 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. Finally, a Two-Step Mortgage- Interest rates adjusts only once and remains the same for the life of the loan. Many other types are available, including government-insured mortgages and VA loans for veterans. Talk to lenders and real estate professionals to assess your situation.
Share post
Share on facebook
Share on twitter
Share on linkedin

Check if you Qualify for a Loan

Before you start shopping for a home, you need to know exactly how much you can actually qualify for.

Answer 6 simple questions to make sure that you meet the simple basic requirements to qualify for a mortgage.  Once in our “Exclusive Pre-Qualifying Mortgage Calculator,”  all you have to do is plug in your numbers to see if you qualify.  This calculator is based on the income, debt, and purchase price that you enter and will show you if you qualify or not for a Conventional Mortgage Loan or an FHA (Federal Housing Administration) Mortgage Loan.

Search Posts

Recent Posts

Subscribe!

  • This field is for validation purposes and should be left unchanged.

Have a Question? Talk to Our Expert.

Unlimited Mortgage Lending is here to help. If you have any questions about your dream house loan program, never hesitate to call.

Skip to content