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Disclaimer
- Answer: You're right - there are many types of mortgages, and the
more you know about them before you start, the better. Most people use a
fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the
same for the term of the mortgage, which normally is 30 years. The advantage
of a fixed-rate mortgage is that you always know exactly how much your
mortgage payment will be, and you can plan for it. Another kind of mortgage
is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your
interest rate and monthly payments usually start lower than a fixed rate
mortgage. But your rate and payment can change either up or down, as often
as once or twice a year. The adjustment is tied to a financial index, such
as the U.S. Treasury Securities index. The advantage of an ARM is that you
may be able to afford a more expensive home because your initial interest
rate will be lower. There are several government mortgage programs that
might interest you, too. Most people have heard of FHA mortgages. FHA
doesn't actually make loans. Instead, it insures loans so that if buyers
default for some reason, the lenders will get their money. This encourages
lenders to give mortgages to people who might not otherwise qualify for a
loan. Talk to your real estate broker about the various kinds of loans,
before you begin shopping for a mortgage.
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