10/22/2021
Did you know there are different types of home loans? It’s important to know your options so you can find a mortgage loan that fits your lifestyle and requirements.
Here are the different types:
✅ 30-year fixed-rate mortgage – this is the most common and traditional one that lasts for 30 years with a fixed interest rate and monthly payments.
✅ Adjustable-rate mortgage – the interest rate on this mortgage periodically adjusts based on an index reflecting the cost to the lender of borrowing on the credit markets.
✅ VA mortgage – this is a type of military loan that mortgage lenders issue to qualified veterans, active service members, and spouses. They’re backed by the government body, the Department of Veterans Affairs (VA).
✅ 15-year-fixed-rate mortgage – similar to the 30-year, a 15-year is a home loan that requires monthly payments and has a fixed interest rate.
✅ FHA mortgage – a US Federal Housing Administration mortgage that’s insurance-backed and provided by an FHA-approved lender. This mortgage insurance protects lenders against losses.
✅ USDA mortgage – this is from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program. It’s a mortgage loan offered to rural property owners by the USDA.
Have any questions? Give us a call at 507-344-1030 & we can put you in touch with a great lender! Noel Stiller
Did you know there are different types of home loans? It’s important to know your options so you can find a mortgage loan that fits your lifestyle and requirements.
Here are the different types:
✅ 30-year fixed-rate mortgage – this is the most common and traditional one that lasts for 30 years with a fixed interest rate and monthly payments.
✅ Adjustable-rate mortgage – the interest rate on this mortgage periodically adjusts based on an index reflecting the cost to the lender of borrowing on the credit markets.
✅ VA mortgage – this is a type of military loan that mortgage lenders issue to qualified veterans, active service members, and spouses. They’re backed by the government body, the Department of Veterans Affairs (VA).
✅ 15-year-fixed-rate mortgage – similar to the 30-year, a 15-year is a home loan that requires monthly payments and has a fixed interest rate.
✅ FHA mortgage – a US Federal Housing Administration mortgage that’s insurance-backed and provided by an FHA-approved lender. This mortgage insurance protects lenders against losses.
✅ USDA mortgage – this is from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program. It’s a mortgage loan offered to rural property owners by the USDA.
Have any questions? Give us a call at 507-344-1030 & we can put you in touch with a great lender! Noel Stiller