Exploring the Different Types of Mortgages

1. A Comprehensive Guide to Understanding Mortgage Options

Frequently Asked Questions

What are the main types of mortgages available?

There are two main types of mortgages: fixed rate and adjustable rate. A fixed-rate mortgage has an interest rate that stays the same throughout the life of the loan, while an adjustable-rate mortgage (ARM) has a changing interest rate over time.

How do mortgage terms vary between different mortgage types?

Mortgage terms vary by mortgage type in several ways, including down payments required, interest rates charged and length of the loan. Depending on your financial situation, some types may be better suited to you than others. It's important that you do your research before choosing a mortgage so that you get one with favorable terms for your budget.