5 Types Of Mortgage Loans For Homebuyers
Buying a home is exciting, but the financial side of things can often feel you leaving a little overwhelmed.
Side note: Am I the only one who wishes they taught us this stuff in school!?⠀
The good news is once you learn the lingo, nail down a budget, and have your down payment secured, you'll be more than ready and able to choose which loan option works best for you. ⠀
Here are 5 types of mortgage loans for homebuyers:⠀
1. Conventional mortgage: Loans backed by private lenders rather than the government. You can even put down as little as 3%! This is a great option if you have a solid credit score. ⠀⠀
2. Adjustable-rate mortgage: Loans with low initial interest rates that mean big savings early on. ⠀⠀
3. Fixed-rate mortgages: Loans with predictable payments month after month, year after year.⠀
4. Government-insured mortgages: FHA loans, USDA loans, and VA loans, oh my! These government-insured options make homeownership more accessible if you have less liquid cash or less-than-stellar credit.⠀
5. Jumbo mortgages: Common in high-cost areas, these loans allow homeowners to borrow more money in expensive zip codes.⠀
Do your research and bring questions to your loan officer or real estate agent. If you need guidance or suggestions of awesome loan officers in your area, let me know! I'd love to help.