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What Type of Mortgage Is Best For You?

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What Type of Mortgage Is Best For You?

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The best mortgage for you is one that meets your needs. With lenders offering over 16 different types of home loan products, you can be sure there is a mortgage for you. So before you start comparing lenders’ rates, decide what you want out of a loan and how much you want to pay a month. Types Of Available Mortgages Each mortgage has its own purpose. Conventional loans with fixed or adjustable rates are for the average home buyer. For those needing some extra help to qualify for low rates, FHA and VA loans can help with their federal insured programs. If you are looking to finance a home purchase in a high cost of living area, then a jumbo loan would be your choice. Rates are a quarter to half a point higher than conventional loans since they are more difficult for mortgage companies to resell. Balloon payment loans, interest only mortgages, and 80/20 home loans are designed for those with poor credit or unusual employment situations. Interest rates on these loans can be much lower tha

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