Different Mortgage Loan Types

Fixed-rate loan. The most common type of loan, a fixed-rate loan prescribes a single interest rate-and monthly payment-for the life of the loan, which is typically 15 or 30 years. Right for: Homeowners who crave predictability and aren’t going anywhere soon. You pay X amount for Y years-and that’s the end.

A mortgage is the most significant financial transaction most people will ever make. With low mortgage rates, it’s a great time to buy a home.Whether this is your first mortgage or your fifth, it’s important to take a close look at the different types of mortgage loans, including home equity loans and lines of credit.

Common Mortgage Loan types. fha mortgage. Thought of as the first time home loan program but actually available to anyone. The down payment is only 3.5% and is more forgiving of lower credit scores. The interest rates are not as attractive as Conventional, but qualifying for the loan isn’t as tough either.

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How Do Principal Payments Work On A Home Mortgage? These are different loan products, however, and it pays to understand. or their heirs may or may not be able to deduct it (For more, see Reverse Mortgage Pitfalls). A type of home-equity loan is.

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 · Combination Mortgage. Usually, you take out one loan for 80 percent of the home’s value and another for 20 percent of the home’s value. This is an 80/20 combination loan. Usually the first loan has a lower, fixed interest rate. The second loan has a higher rate and/or a variable rate.

Conforming versus non-conforming loans. So if you live in a locale where the conforming loan is $417,000 and you take out a single mortgage for $500,000, you’d have to opt for the non-conforming loan. Although Fannie Mae and Freddie Mac are now controlled by the government, these types of loans are not government loans.

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Discount mortgages are available over different terms – typically one to five years – and as with trackers and fixed rate deals you will probably be charged a penalty if you want to get out of the deal during the term.

The exact amount of the loan and interest rate varies depending on your income, debt, credit history, and a few other factors. There are many different types of loans you can borrow. Knowing your loan options will help you make better decisions about the type of loan you need to meet your goals.