When it comes to mortgage loans, you can get overwhelmed for its many types. Most people think that when you say mortgage loan, there’s just one. But the truth is, there are many types of mortgage loans. If you are a first-time home buyer and you are looking for the best deal, then you better get to know about the most common types of mortgage loans to understand which one is best for you.
We have conventional and government-insured loans. When we say traditional, it is the standard type of mortgage loan. It often requires at least twenty percent down payment. It also has a higher interest rate as compared to government ones. The good thing about this kind of loan is you can get approved quickly.
On the other hand, government-insured loans are often better. They have flexible repayment terms, low-interest rates and low down payment. The downside … Read More