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Interest only

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...

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Balloon mortgage

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...

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Reverse mortgage

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...

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Assumable mortgage

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...

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Fixed rate mortgage

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...

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Fha loan

FHA Loan

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...

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Adjustable rate mortgage

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...

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