What Type of Loan Should I Get for My Home?
The type of mortgage loan you should get for your home will depend on several factors, including:
The costs of the loan, especially compared to your income.
Your preferred duration to repay the loan and size of the payments you are willing to make each month.
Your capacity to repay the loan in a timely manner.
When you deciding on the size and type of loan to get for your home, remember to work with your family and financial advisor. A mortgage is a significant expenditure and will impose requirements on your family for a long period of time.
Typically, a government-insured loan will have lower rates and require a lower down payment. A conforming loan will be easier to qualify for and obtain. Thus, if you qualify, and if the loan meets your needs, choosing a conforming loan that is part of a government-backed program will often be preferable.
- What Is a Mortgage?
- What Are the Different Types of Mortgage Loans?
- What Is the Process of Applying for a Mortgage?
- What Is the Difference Between a Housing Loan and a Mortgage Loan?
- What Is the Difference Between Government-Insured Loans and Conventional Loans?
- What Is a Down Payment?
- How Much Down Payment Will I Need to Provide?
- Are There Any Mortgage Loans with No Down Payment?
- What Is an Escrow Account?
- What Is Home Equity?
- What Is the Difference Between a Loan and a Mortgage?
- How Do Mortgages Work?
- Where Can I Get a Mortgage?
- What Should I Look for in a Mortgage?
- Should I Pay My Mortgage Early?
- What Is the Average Mortgage Length?
- What Are the Advantages of a 15-Year Mortgage over a 30-Year Mortgage?
- What Are the Advantages of a 30-Year Mortgage over a 15-Year Mortgage?