Understanding the Different Types of Mortgages
Choosing the right mortgage is a foundational step in your journey to homeownership. With several mortgage types available, it’s important to find the one that best fits your financial situation and homeownership goals.
From Fixed-Rate Mortgages offering the stability of consistent monthly payments to Adjustable-Rate Mortgages (ARMs) which provide lower initial rates that adjust over time, there are many options to choose from.
For eligible buyers, government-backed loans, such as FHA, and VA, loans, cater to specific needs, offering benefits like lower down payment requirements or no down payment options. These programs are designed to help first-time homebuyers, veterans, and other groups, making homeownership accessible to a broader audience.
Conventional loans, not insured by the government, typically require a higher credit score and a larger down payment but offer more flexibility in terms of property types and loan amounts.
Understanding the nuances of each mortgage type can seem daunting, but making an informed choice can lead to significant savings and a smoother home-buying process.
At NIHFCU our home loan specialists are well-versed in a variety of mortgage options. Regardless of your situation, we’re here to answer your questions and guide you toward the best mortgage solution for your needs.
Rates, fees and terms as of April 28, 2024 and subject to change without notice
