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A mortgage is a financial instrument for buying commercial or residential properties without paying the entire amount all at once. It is a legally binding contract; buyers have to be careful in choosing the mortgage that suits their current circumstances to avoid any action from the seller or lender.
For individuals buying property, here are the three most common types of mortgages to choose from:
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• Fixed-rate mortgage or FRM. As the name implies, the interest and the monthly payment are fixed for life. Conventional loans protect the buyer from inflation, meaning that even if the rates go up, your rates will stay the same. FRM usually takes 15 to 30 years before the loan is fully paid, and is ideal for people who are planning to stay in the same home for a very long time.
• Adjustable-rate mortgage or ARM. The interest rates in this kind of mortgage will remain fixed for a period of time, and then will fluctuate periodically depending on the market. This can be quite beneficial to buyers with short-term plans on their property.
• Federal Housing Authority or FHA. Loans insured by the government offer lower down payment rates to people who do not qualify for a conventional home loan.
Mortgage choices are not limited to these three, but before deciding on which loan to get, homebuyers should understand the advantages and disadvantages of each and speak with a qualified mortgage professional for advice.
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Steve Liefschultz is the chief executive officer of The Remada Company. For more topics about real estate and mortgages, subscribe to this blog.
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