Types of Home Loan

While making a decision on mortgage loans, it is crucial to understand types of mortgage loan, type of home loan, different type of mortgage loan, home loan mortgage type, different type of home loan etc.

There are many types of mortgage options available. The three main types are fixed rate, convertible and special loans.

The fixed rate Home Loan:

  • 30year loan: where you pay a fixed fee over the course of 30 years.
  • 15 year loan: where you pay a fixed fee over the course of 15 years.
  • Biweekly: where you pay your repayments every two weeks.
  • Adjustable rate mortgage or ARM: where you pay you variable amounts each repayment, they are based on the interest rate.

Convertible Loans

  • Buy down loan: a loan that works on points to lower interest rates.
  • Hybrid and convertible ARM: where you can covert between a fixed rate or an ARM.
  • Balloon loans: where you pay only the interest and at the end of the term you pay the total amount due all in one large payment.
  • Interest only loans: where you only pay the interest each payment until you are able to put down a lump sum. You can read more about this type of loan at Interest-only Mortgages.
  • Reverse mortgage: for equity rich seniors and don’t have to make any repayments until sale of the house.

Special Loans

  • Veteran Affairs mortgage loan: only for people and widowers of the armed forces.
  • FHA loan: for first home buyers and people with credit problems.

    • To summarize this page, this section deals with types of mortgage loan, type of home loan, different type of mortgage loan, home loan mortgage type, different type of home loan.

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Types of Home Loan News



Repossessions rise as crisis bites - Reuters UK
LONDON (Reuters) - Lenders took possession of 11,300 homes in the third quarter, up from 10,100 in the second despite government efforts to make home repossessions a last resort, the Council of Mortgage lenders said on Friday. The number of ...
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Start stopping the foreclosures - New London Day
Both Connecticut Gov. M. Jodi Rell and the directors of the mortgage finance companies Fannie Mae and Freddie Mac wisely recognize that more foreclosures will only aggravate the current economic crisis. In addition to causing hardships for ousted ...
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In tough economy, a downsized homecoming dance - Delaware County Daily Times
Sixteen-year-old Desiree Banton poses in her homecoming dress Tuesday, Nov. 18, 2008 at her home in Margate, Fla. Because of the economic downturn, the homecoming dance, that rite of passage that has become increasingly extravagant in recent years ...
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Downey Seized, Sold to U.S. Bancorp as Mortgage Fallout Spreads - Bloomberg
Nov. 22 (Bloomberg) -- Seizure and sale of Downey Financial Corp. and two smaller lenders may cost the FDIC more than $2 billion as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression. U.S. Bancorp ...
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January 27 2008 02:53 am

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