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Mortgages 101, 3rd Edition by David Reed

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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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