When you get qualified by your lender, ask about the different types of loans that would best suit your needs. Here are a couple of typical loan options:
- Fixed rate: The Interest rate stays flat the entire loan term.
- Adjustable rate mortgage (ARM): The interest rate adjusts with the market after some period of time and based on some set of rules.
- Federal Housing Administration (FHA): Although your payment increases slightly with Private Mortgage insurance (PMI), this type allows for as little as 3.5% down payment for qualifying buyers/homes.
See our article, Loan programs with special savings.
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