Question by  anon1981 (15)

What are the different mortgage types?

I want to be well informed before I sign on a mortgage.


Answer by  Touchdown (317)

There are various mortgage types including 15 year and 30 year fixed rate mortgagtes. Also popular are variable mortgagtes which typically adjust every couple of years.


Answer by  crathes (46)

Any bank will explain the different types. The biggest thing you can do is to take a mortgage that allows frequent repayments. It is MUCH better to repay, say, $300 a fortnight than $600 a month. Believe me, making fortnightly payments of half the monthly amount will save you $1000s.


Answer by  tamarawilhite (17883)

Types of mortgages include fixed rate, variable rates, and adjustable rates. Only sign up for a fixed rate mortgage, so you do not have interest rates spike when the economy improves.


Answer by  barkley (951)

Various types of mortgages to include fixed rate, adjustable rate, interest only, Federal Housing Administration (FHA), Veterans Administration (VA), Jumbo, Balloon payment, etc. You will have to look at the qualification requirements for each of these through the financial institution you are working with to obtain your mortgage to see which of these you can qualify for.

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