A Home of Your Own
Types of mortgages
Fixed-rate, fixed-payment mortgages
- Conventional 30-year mortgage
- Conventional 15- or 20-year mortgage
- FHA/VA fixed-rate mortgage
- "Balloon" loan (3-10 year terms)
Adjustable-rate, variable payments
- Adjustable-rate mortgage (ARM)
- Graduated-payment mortgage
- Growing-equity mortgage
Other financing methods
- Buy-downs
- Shared-appreciation mortgage (SAM)
- Second mortgage (home equity loan)
- Reverse mortgage
- Refinancing
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