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Types of mortgages:
- FHA loans are mortgages that are funded by private or commercial lenders
but insured by the Federal Housing Administration (FHA) under that Department
of Housing and Urban Development. These loans are generally utilized by low
income families, however there is no ceiling to how much income a family can
have to qualify. An FHA loan provides low interest rates and very low down
payments.
- VA loans are like FHA loans as they are also funded by commercial lenders
but insured by the federal government, in this case the Veterans Administration.
These loans have low interest rates, zero down payment, but are only eligible
for those who have served in the United States military.
- Construction loans cover the cost of the construction of a home, including
materials, labor, and land. The amount of this loan is based on an estimate
of the worth of the constructed home by an appraiser who studied the materials,
labor, land and value of similar surrounding houses.
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Types of mortgages:
- Home equity loans are second mortgages based on the value of your house
that you own which is calculated by subtracting the total of your mortgage
from the total market value of your home. This type of loan can come either
as a loan or a line of credit.
- Reverse mortgages are second mortgages that allow you to turn the equity
of your home into income. Through a reverse mortgage you can receive a monthly
payments, a line of credit or total cash advance from your home equity. No
monthly are made on this loan until the house is sold or the owner is deceased.
- Refinancing allows you to take out a new loan to repay an older loan that
has a higher interest rate, an adjustable rate or a term (length) that is
undesirable.
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