What are the different types of mortgages available?
There are various types of mortgages available to suit different financial situations and investment goals. Some common types include:
- Fixed-rate mortgages: Offer a fixed interest rate for the entire loan term, providing stability and predictability in your monthly payments.
- Adjustable-rate mortgages (ARMs): Have interest rates that can fluctuate based on market conditions, potentially leading to lower or higher monthly payments over time.
- FHA loans: Backed by the Federal Housing Administration, these loans are designed for first-time homebuyers and those with lower credit scores.
- VA loans: Available to eligible veterans and active-duty military members, these loans offer competitive interest rates and no down payment requirement.
- USDA loans: Designed for low- to moderate-income borrowers in rural areas, these loans offer 100% financing and flexible credit guidelines.
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