A bidding war occurs when a home seller gets multiple offers. Since bidding wars are fairly common these days, it pays to plan ahead. You'll reduce surprises and stress, and be better prepared to
What different types of mortgages are available?
Dated: March 2 2018
Different types of mortgages: Getting the right type of real estate home loan is an important part of the home buying process. In this section of my website. I have put together basic information regarding the types of real estate home loans that are common today.
Fixed-rate mortgages: Fixed-rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed-rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.
Adjustable-Rate Mortgages: With an adjustable-rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.
Hybrid loans: A hybrid loan combines a fixed period along with an adjustable component. Usually, these loans are fixed for a period of time and then the loan becomes adjustable where it is dependant on current rates.
FHA real estate home loans: An FHA loan is a loan in the United States and is insured by the Federal Housing Administration.
VA real estate home loans: A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
These are the Different types of mortgages. For more information, you can visit our Homepage
Roger Flowers is a professional real estate agent with eXp Realty and has been a licensed agent since 2001. He believes a Realtor is in the service industry, not high-pressure sales. As a Realtor, he ....
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