Posts tagged Mortgage Options
What Is a Community Seconds Mortgage?

If you want to get a home loan through Fannie Mae, but you don’t have a lot of cash to use for a down payment, a community seconds mortgage could be a great option. A community seconds mortgage is a subordinate, or second, mortgage that is used in combination with a Fannie Mae loan to finance the down payment on a home.

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What is an interest only loan?

An interest-only loan is a mortgage in which a borrower only pays the interest (not the principal) on their loan for a set period of time, usually between 5 and 10 years. Then, the borrower will either begin paying down the principal, make a lump sum payment, or sell the house.

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What is the best type of mortgage for me?

As a future homeowner, choosing the best mortgage for you is like choosing the best career path: there are tons of options, but only a handful that you’ll qualify for, and even fewer that will really make you happy. The good news is that by asking yourself which mortgage is best for you, you’re already thinking like a savvy consumer -- you recognize that you have a choice between many different mortgage products, and it’s just a matter of narrowing them down.

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