CHAPTER 7
Finding Your Home Loan
Finding a home loan, at first glance, is a simple process. A loan is nothing more than money you borrowed and promised to pay back, right? There are two primary mortgage types in today’s marketplace, conventional and government-backed. In addition, these two programs can be offered with multiple terms.
7.1 WHAT KINDS OF LOANS ARE THERE?
Here’s a brief list of the most common types of mortgage loans offered by every lender or mortgage broker:
30-year fixed
10-year fixed
3/1 ARM
3/6 ARM
VA fixed
State bonds
Portfolio
25-year fixed
5/25 two-step
5/1 ARM
5/6 ARM
VA ARM
Seconds
20-year fixed
7/23 two-step
7/1 ARM
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