If you are in the market to purchase your first home, it is helpful to understand all the different types of loans on the market that you can apply for. There are multiple types of mortgages that you can obtain beyond a conventional mortgage. One of the most popular types of alternative mortgages that one could obtain is an FHA loan.
FHA Loans Are Good For Individuals with Lower Credit Scores
If you're purchasing a home, it helps to know what all of your mortgage options are. While some mortgages are not traditional 30-year loans, they may be ideal for your situation. If you've never heard of a balloon mortgage before, here's what you should know about them.
What Are Balloon Mortgages?
For traditional mortgages, the payment that you make each month will be the same during the entire mortgage payment schedule.
When purchasing a house, choosing the home that's right for you isn't the only important decision you'll make. You'll also need to decide on the type of home loan that best suits your needs. These days, there are a number of mortgage options available to buyers, ranging from conventional home loans to FHA loans, VA loans, and everything in between. To help you decide on the mortgage that's right for you, be sure to take some key factors into consideration and speak with a trusted mortgage broker.