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15 October . 2019

Financing Your Home: 5 Common Types of Mortgage Loans

Finding your perfect place may be exciting, but financing your new home may make your head spin. First, there are a lot of misconceptions around mortgage loans, interest rates, credit scores, and required down payments. Second, many new homebuyers don't do the upfront research on mortgage types, nor do they shop around for loans. Bankrate has prepared five of the most common types of loans, describing who they are best suited for, and providing the pros and cons for each type of loan. This is a great start to build your understanding of the mortgage loan types, but lastly, be sure to consult professional mortgage brokers and lenders to get advice specific to your situation.