Types of Mortgages

There are many types of mortgages. Finding the right types of mortgages can be daunting. That is why most people leave it up to the mortgage loan officer to tell them what types of mortgages are suitable for them. Most lenders are also reluctant to show customers all types of mortgages because there are so many of them. Some mortgage companies offer more types of mortgages than others. When looking to obtain a mortgage, you should shop for, not only the best mortgage rates, but also the best types of mortgages for your situation.

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Common types of mortgages available to home owners

There are many more types of mortgages than the types of mortgages listed below. However below are the common types of mortgages.

• 30 year fixed rate mortgage
• 25 year fixed rate mortgage
• 20 year fixed rate mortgage
• 15 year fixed rate mortgage
• 10 year fixed rate mortgage
• 5 year balloon mortgage
• 7 year balloon mortgage
• 1 year ARM (adjustable rate mortgage)
• 3/1 ARM
• 5/1 ARM
• 7/1 ARM
• 10/1 ARM
• Buy down mortgage
• 3/6 ARM
• 5/6 ARM
• 7/6 ARM
• 10/6 ARM
• VA fixed rate mortgage
• FHA fixed rate mortgage
• FHA ARM
• conf. 97
• conf. 100
• conf. 103
• conf. 107
• 80/20
• Interest only mortgages
• State bonds
• seconds
• HELOC
• Const - perm
• Negative AM
• Portfolio

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