Finance Your Home

 

Mortgage Loan Types

pic_6-300x225

Types of Mortgage Loan Programs

  • Fixed-Rate Mortgage Types
    This is the granddaddy of them all. Today you can choose from 5-year, 10-year, 15- year, 20-year-, 30-year, 40-year and even 50-year fixed-rate mortgages, all of which are completely amortized.
  • FHA Loans
    FHA mortgage loan types are insured by the government through mortgage insurance that is funded into the loan. First-time home buyers are ideal candidates for an FHA loan because the down payment requirements are minimal and FICO scores do not matter.
  • VA Loans
    This type of government loan is available to veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans. The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The main benefit to a VA loan is the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.
  • Interest-Only Mortgage Types
    Calling a mortgage loan type an "interest-only mortgage" is a bit misleading because these loans are not really interest only, meaning the borrower pays only interest on the loan. Interest-only loans contain an option to make an interest-only payment. The option is available only for a certain period of time. However, some junior mortgages are indeed interest only and require a balloon payment, consisting of the original loan balance at maturity.

For more types of financing, click here.

Mortgage Broker

Acopia Home Loans

Jeff InGram
2250 Satellite Blvd.
Suite 200
Duluth, GA 30097
Phone: 678.643.2442
Office: 678.324.3256
www.acopiahomeloans.com/jingram

Mortgage Broker

Fairway Mortgage

Akil Sanders
Senior Loan Officer
NMLS# 1456962
(678) 853-2508 (office) • (678) 361-7310 (cell)
(678) 853-2508 (fax) • akil.sanders@fairwaymc.com
www.northpointmortgage.com

ingram

akil