Types of Mortgage Loans: Choosing the Right Mortgage

Whether you need a mortgage loan as a first-time home buyer or move-up buyer, to retire, refinance an existing mortgage or pull out equity, it helps to get a basic understanding of the various mortgage loan types available to you. The choices today are astounding.

Choosing the right mortgage loan is as important as choosing the best lender. Because a good lender will explain options that fit your particular criteria; there is no one-size-fits all anymore. By doing a little bit of homework, you can arrive at your loan officer's desk with knowledge that will help you make that choice -- not to mention, you won't feel like your loan officer is speaking a foreign language when using terms such as adjustable-rate mortgages, index and margins, amortization or interest-only payments.

It's a grave mistake to pick a mortgage loan type based solely on interest rate and points. Some loans carry higher fees than other types of mortgage loans. Features vary. Smart borrowers will consider . . . read more

Ready to Know More About Home Mortgages? Click below:

• Mortgage Broker Answers
  
• Falling Market Mortgages
  
• Computing Simple Interest

_{© 2006 Elizabeth Weintraub}

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