Buying real estate with a mortgage:
Is it time to buy your first house? Or perhaps you have owned several homes and are buying another. Whether you intend to buy a home and flip it in a short time or buying your dream home that you plan on living in the rest of your life there are several types of home mortgage loans available to consider.
Most Common loan type
By far the most common home loan is a fixed-rate loan. These types of loans have a fixed interest rate for the life of a loan. Mortgages on a fixed rate loan are typically for 15, 20, or 30 years in duration. These types of loans are great for purchasers who desire regularity and don’t plan on moving any time soon. The increase or decrease in interest rates over the duration of the loan won’t change the terms of the …