types of loans mortgage

what’s the difference between interest rate and apr What’s the Difference between Interest Rate & APR. Mortgage News from Quicken Loans brings you breaking home financing and home buying news, keeps you abreast of changing mortgage rates, and provides helpful tips for homeowners.

Consumer Loan Types Mortgages. Mortgages are used by consumers to finance home purchases. Student Loans. Most student loan borrowers opt to take out federal student loans, personal loans. personal loans are the most versatile loan type on the consumer lending market. Auto Loans. Auto loans can.

Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans: conforming and non-conforming loans. A conforming loan simply means the loan amount falls within maximum limits set by Fannie Mae or Freddie Mac, government agencies that back most U.S. mortgages.

The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.

Mortgage Refinancing. Refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons.

Mortgage loan types for sub-prime borrowers. Read about mortgage loan types for people interested in receiving low risk lending.

Fixed-rate loan or adjustable-rate loan. When deciding on a loan type, one of the main factors to consider is the type of interest rate you are comfortable with: fixed or adjustable. Here’s a look at each of these loan types, with pros and cons to consider. Fixed-rate mortgages. This is the traditional workhorse mortgage.

At the beginning of the 4th year, the interest rate is changed every three years. That is 3 years for the 3/3 ARM and each year for the 3/1 ARM. This is the type of mortgage that is good for those considering an adjustable rate at the three-year mark. balloon Mortgages

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An FHA Mortgage is a loan insured by the government. It can be used to purchase or refinance 1- to 4-unit properties up to $314,827 (higher amounts available in specific counties). You can choose a fixed 15-, 20-, 25- or 30-year term. Monthly mortgage insurance is required, as well as a mortgage insurance premium paid at closing.