An FHA Loan, which stands for a Federal Housing Administration Loan, is administrated by lenders, but backed by the federal government. The FHA-insured loans...
Mortgage 101 - Types of Mortgages
Understand your options when it come to types of mortgages
Balloon Mortgage
A balloon mortgage is a short-term mortgage. They work similarly to fixed rate mortgages with consistent payments, but payments are usually much lower...
Interest Only Mortgage
With the interest-only mortgage, borrowers only pay interest for the initial five- or ten-year period. After the initial period, the borrower either pays a...
Reverse Mortgage
A reverse mortgage allows a borrower, age 62 or older to convert a portion of their home equity into cash. Instead of a borrower making monthly payments to a...
Fixed Rate Mortgage
A fixed rate mortgage is a mortgage with consistent payments throughout the entire life of the loan, because the interest rate and other aspects of the loan...
Adjustable Rate Mortgage
Adjustable-rate mortgage, or variable rate mortgage, is a mortgage where the interest rate will adjust to match the current market after an initial fixed...
Assumable Mortgage
An Assumable Mortgage allows the current owner of a home to sign over the outstanding mortgage to a buyer. The buyer assumes the previous owner’s remaining...
