Mortgage basics – Types of loans you may qualify for
Owning a home is everyone’s dream. It also means freedom and a strong financial asset. But all the freedom, dreams and financial benefit come with a cost. For most people the major part of that cost is in home mortgage loans.
A mortgage is a loan you obtain to buy a home. The home is used as collateral until the repayment of the loan. And failure of payments can make the lender take the home away.
Types of mortgage loans:
1. Fixed-rate mortgage loan: Here the rate of interest remains fixed and does not vary with the market rate. It is less risky and more stable. The length of mortgage can be 15- 30 years.
2. Adjustable-rate mortgage (ARM) loan: This offers a fixed rate of interest initially and later moves on to adjustable rates depending upon the interest rates of the markets. It involves risk,
so it is best for short-term deals only.
3. Balloon loans: It is a short-term fixed-rate loan that allows making small monthly installments for an initial period of time. After that period you must pay off the remaining balance with one lump-sum (”balloon”) payment.
4. Home equity mortgage loans: It allows the borrower to draw cash from the equity in the home or a property. It can be either a fixed or an adjustable loan.
5. Government Home Mortgage Loans
a) FHA home mortgage: All qualified buyers looking for moderately priced homes can take advantage of these home mortgage loans. You can apply for this loan even though you’re making a small down payment (usually 3-5 %) towards your home price.
b) VA home mortgage loans: Such loan programs are offered specifically to government employees, service men and women by the US department of Veteran Affairs. VA loans are long-term home mortgage loans with added benefit of zero down payment.
c) Rural housing services (RHS) loan program: It is for rural residents who can apply for it without any down payment.
Your eligibility is based on your gross income, though your monthly payments are made from your net income. So take a careful look at your finances, decide on the type of loan that you will be comfortable with and go ahead in purchasing your dream home.
Tags: investment property mortgages, mortgage news, mortgage types
January 24th, 2010 at 7:26 pm
[...] from: Mortgage basics – Types of loans you may qualify for | Charlotte … tags: allows-the-borrower, before-considering, current, draw-cash, fha, home-mortgage, [...]
January 24th, 2010 at 7:40 pm
[...] here to see the original: Mortgage basics – Types of loans you may qualify for | Charlotte … tags: allows-the-borrower, borrower, draw-cash, fha, find-favour, homes, [...]
January 24th, 2010 at 9:51 pm
[...] here to see the original: Mortgage basics – Types of loans you may qualify for | Charlotte … tags: allows-the-borrower, borrower, draw-cash, equity, fha, from-the-equity, [...]
January 24th, 2010 at 10:47 pm
[...] Mortgage basics – Types of loans you may qualify for | Charlotte … [...]
January 24th, 2010 at 11:40 pm
[...] the original post: Mortgage basics – Types of loans you may qualify for | Charlotte … tags: are-offered, government-employees, home-loan, loan-programs, long-term-home, [...]
January 25th, 2010 at 3:28 am
[...] Mortgage basics – Types of loans you may qualify for | Charlotte … [...]
January 25th, 2010 at 4:25 am
[...] here: Mortgage basics – Types of loans you may qualify for | Charlotte … tags: borrower, equity mortgage, home-as-security, home-mortgage, mortgage, obamas, [...]
February 3rd, 2010 at 10:59 am
I really liked reading your post!. Quallity content. With such a valuable blog i believe you deserve to be ranking even higher in the search engines
. Check out the link in my name. That links to a tool that really helped me rank high in google. This way even more people can enjoy your posts and nothing beats a big audiance 
February 3rd, 2010 at 6:11 pm
i always like to read articles from this site.its really educating. keep it up
February 4th, 2010 at 4:56 am
Your blog is so informative
February 5th, 2010 at 8:28 am
To successfully apply for personal unguaranteed loans, the applicant for the unsecured loan will need to have a consistent income source.
February 6th, 2010 at 7:29 am
Pretty superb post, very informative information. Never believed I would discover the information I would like in this article. I’ve been scouring all around the web for some time now and was starting to get irritated. Thankfully, I came across your site and acquired precisely what I was searching for.
February 7th, 2010 at 8:39 am
Very informative post. I’ve found your site via Yahoo and I’m really happy about the information you provide in your posts. Btw your blogs layout is really messed up on the Chrome browser. Would be great if you could fix that. Anyhow keep up the great work!
February 7th, 2010 at 12:09 pm
Very good post. I’ve found your site via Google and I’m really happy about the information you provide in your articles. Btw your sites layout is really broken on the Kmelon browser. Would be cool if you could fix that. Anyhow keep up the good work!
February 13th, 2010 at 7:27 pm
PLEASE NOTICE:StimulusHomeBuyer.info is collecting all links on The Stimulus Tax Bill for a Future Database update.This information will be one of the largest informational datasets on the Stimulus Bill when it is completed.
February 14th, 2010 at 2:03 pm
Good thread. Cheers!!
February 16th, 2010 at 5:51 pm
I do truly like your professional article! Could you create the essay papers as example? Because I do really know that a great media essay service would accomplish custom essays of perfect quality.
February 17th, 2010 at 10:35 am
Hi, it looks like your site
February 18th, 2010 at 5:22 pm
Just a quick message 2 thank you for your useful article. Do u know where I can find more on this? x
February 21st, 2010 at 7:59 am
Just a quick message to thank u 4 your joyful article. Do u know where I could find more on the subject? have a nice day. Nicola x
February 21st, 2010 at 10:07 am
Hiya, nice day.. Your article is extremely impressive. I never considered that it was feasible to accomplish something like that until after I looked over your post. You certainly gave a great perception on exactly how this whole process works. I will make sure to return for more advice. Thanks
February 21st, 2010 at 7:15 pm
Hey, I like your site. I was wondering if you would do a review post of my product at http://www.publicdomainpayday.com
February 21st, 2010 at 8:32 pm
The new marketing revolution for wedding professionals will be launched soon. You are invited to be part of our marketing network. All the features we offer are FREEEEEE.Please don’t flag this post and let other professionals to find us helping the comunity to grow.Don’t spend money on advertising and leads.A rapidly growing 5,000 wedding couples are signed up on Meet The Wedding Vendors and actively planning their wedding, so if you provide any type of service or venue for weddings, i.e. reception site, cakes, DJ, photography, hotels, flowers, transportation, gifts, wedding attire, etc. Join us , reffer us and make the difference. We are here meetthevendors(dot)com The search is over….
February 24th, 2010 at 6:26 pm
I am always searching online for articles that can help me. Thank you
March 1st, 2010 at 7:29 am
Is it just me, my browser or the site? The page only loads halfways, and I already refreshed the page
March 10th, 2010 at 6:06 pm
Great post!! Keep up the good work…Home improvment is the thing to do
March 11th, 2010 at 10:47 am
SEO is a critical exercise internet enterprise technique and it is not only for major companies as commonly believed. Any enterprise large or little can use Search Engine Marketing to market their small business website. Knowing how to implement a Search Engine Optimization technique within your small enterprise is a critical matter to learn.
March 11th, 2010 at 7:44 pm
Hey very nice website!! I will bookmark your weblog and use the feeds additionally…
March 13th, 2010 at 1:05 pm
Not bad article, but I really miss that you didn’t express your opinion, but ok you just have different approach
March 14th, 2010 at 11:18 pm
It was a very nice theme! Just wanna say thank you for the data you have apportioned. Just continue writing this kind of post. I will be your true reader. Thanks again.
March 23rd, 2010 at 9:37 pm
[...] Trackback > Mortgage basics – Types of loans you may qualify for | Charlotte Investment Property Guide – http://charlotteinvestmentpropertyguide.com/mortgage-basics-types-of-loans-you-may-qualify-for/ – Many businesses today are finding it difficult to get traditional commercial funding to see them through hard times or to pursue an exciting… http://commercial-funding.org/ [...]
March 24th, 2010 at 3:35 am
[...] Trackback > Mortgage basics – Types of loans you may qualify for | Charlotte Investment Property Guide – http://charlotteinvestmentpropertyguide.com/mortgage-basics-types-of-loans-you-may-qualify-for/ – in all types of commercial property funding. With Creative Commercial Funding Solutions, our commercial business loans are… http://commercial-funding.org/ [...]
March 25th, 2010 at 1:36 pm
Hi, I have read your site and the content on the site is very interesting. It would be my pleasure to keep reading. Thank you for the useful informaton.
March 26th, 2010 at 8:38 am
Hi, i must say fantastic website you have, i stumbled across it in AOL. Does you get much traffic? If you wishto swap the links with us please let me know.
March 26th, 2010 at 2:16 pm
Cool! I just came to your blog via Google and I seriously loved it! The effort you do in posting here is seriously fantastic and I am pleased about it. Keep going buddy.
March 28th, 2010 at 7:00 am
[...] Mortgage basics – Types of loans you may qualify for | Charlotte Investment Property Guide – http://charlotteinvestmentpropertyguide.com/mortgage-basics-types-of-loans-you-may-qualify-for/ – needs starts with contacting us! We have unique programs to assist… http://commercial-funding.org/ Trackback … [...]
March 29th, 2010 at 2:35 am
You are a very smart person!
March 30th, 2010 at 2:04 am
I love your site keep it up man! Keep it comin’!
March 30th, 2010 at 4:30 am
It seems that you’ve put a good amount of effort into your article and I want to see a lot more of these on the Internet these days. I truly got a quetch out of your post. I do not have a bunch to to say in reply, I only wanted to register to say marvelous work.
March 30th, 2010 at 4:54 am
10 Parenting Tips For All New Parents…
[...] If you are like most parents, in all probability want to parent sound, smart kids. You may already have some ideas on how to achieve this. Here are some nurturing tips that will aid parents ensure their children develop to their full prospective….
March 30th, 2010 at 6:50 pm
Great articles & Nice a site. Im bookmarking as we speak!
March 30th, 2010 at 10:03 pm
Beneficial points addressed here. I am thankful to you for that, even so you deserve more thanks than that. I have colour blindness. I mainly use Opera browser and regard a number of websites are hard to comprehend thanks to a careless range of colors applied. Yet, here, as the range of colours is good, the design is extremely tidy and enjoyable to comprehend. I don’t know whether it was a premeditated and intended attempting, or just the ‘luck of the draw’, but I nevertheless thank you.
March 31st, 2010 at 7:58 am
Hello just thought i would tell you something.. This is twice now i’ve landed on your blog in the last 3 weeks searching for completely unrelated things. Spooky or what? If you wantto exchange the links with us please let me know.
March 31st, 2010 at 1:45 pm
Hi there, Going to bookmark the link for reference for anyone who might benefit from this service! Great link to share with clients! Thanks
March 31st, 2010 at 10:38 pm
How many months in arrears do you have to be before repossession? i have a secured loan againgst my property which has fallen one month into arrears ,how many months in arrears does it have to be before the loan company takes steps to repossess the property
April 1st, 2010 at 6:56 am
Hi I just wanted to ask all you guys visit http://www.helphaitinow.org and do what you can to help out the people of Haiti. It is not to late and they still need our help! Thanks…
April 1st, 2010 at 10:25 am
I’ve been reading a few posts and really and enjoy your writing. I’m thinking of linking to your posts from my site , just let me know if it’s feasible , thanks ! my site: scambio casa
April 1st, 2010 at 6:47 pm
Hello webmaster I like your post ….
April 2nd, 2010 at 3:30 am
The new marketing revolution for wedding professionals has been launched . You are invited to be part of our marketing network. All the features we offer are FREEEEEE.Please don’t flag this post and let other professionals to find us helping the comunity to grow.Don’t spend money on advertising and leads.A rapidly growing 5,000+ wedding couples are signed up on Meet The Wedding Vendors and actively planning their wedding, so if you provide any type of service or venue for weddings, i.e. reception site, cakes, DJ, photography, hotels, flowers, transportation, gifts, wedding attire, etc. Join us , reffer us and make the difference. We are here meetthevendors(dot)com The search is over….
April 2nd, 2010 at 4:29 am
I thought it was going to be some boring old post, but I’m glad I visited. I will post a link to this page on my blog. I believe my visitors will find that very useful.
April 3rd, 2010 at 6:16 am
I absolutely must to get out of the house much more and quit just spending a large percentage of of my afternoon learning poker on myspace or facebook merely because of late i have been missing about this. Despite the fact that I can’t claim that I one hundred percent go along with every last phrase, its very good to go through some sensible commentary as an alternative for the popular crap I see floating around the net.
April 3rd, 2010 at 3:22 pm
Thanx for the effort, keep up the good work Great work, I am going to start a small Blog Engine course work using your site I hope you enjoy blogging with the popular BlogEngine.net.Thethoughts you express are really awesome. Hope you will right some more posts.
April 4th, 2010 at 8:22 am
Pretty good article. I just came across your site and wanted to say that I have really enjoyed reading your opinions. Any way I’ll be coming back and I hope you post again soon.
April 5th, 2010 at 7:13 am
Hello I red a bit of your site which I found absolutely by mistake while doing a bit of online research for some of my projects. Please write lots more as it is rare that somebody has something appealing to say about this. I will be watching for more!
April 5th, 2010 at 9:23 am
Excellent stuff
April 6th, 2010 at 8:30 am
Awesome article as usual, thanks for posting such helpful content on a regular basis.
April 7th, 2010 at 7:10 am
Aw, this was a really quality post. In theory I’d like to write like this also – taking time and real effort to make a good article… but what can I say… I procrastinate alot and never seem to get anything done… Regards
April 7th, 2010 at 5:27 pm
hi handy little blogging site you got here
I operate the exact design template on my own website yet somehow for whatever reasons it appears to load earlier on this blog despite the fact that the one you have features considerably more content. Are you using any kind of plugins or widgets that will quicken it up? If you could quite possibly give the programs so maybe I would be able to use these on my personal internet sites so twilight new moon fans could watch twilight new moon online trailers and videos easier I would be ever so thankful – many thanks in advance 
April 8th, 2010 at 7:19 pm
So quite glad I discovered this truly good site
April 8th, 2010 at 8:54 pm
it may not be probably the most exciting publish ever, but it is a crucial one
April 9th, 2010 at 4:18 pm
Just wanted to say that you have a lovely blog keep up the good work !
April 9th, 2010 at 10:02 pm
Great. Now i can say thank you!,
April 10th, 2010 at 2:36 pm
Excellent to view you posting on this research, I need to bookmark this net website. Move forward up the great job.
April 10th, 2010 at 3:28 pm
this is great ive bookmarked this one hehe
April 11th, 2010 at 12:52 am
Hey, just want to let you know that your RSS feed is producing WC3 errors for me. Please find a solution!
April 11th, 2010 at 2:05 pm
Wow!, this was a top quality post. In theory I’d like to write like this too – taking time and real effort to make a good article… but what can I say… I procrastinate a lot and never seem to get something done
April 13th, 2010 at 12:21 am
Wow! Really great post came across it on Google. I just recently created a new blog Check it out I really need some feedback on it. Thanks!!
April 13th, 2010 at 1:47 am
Hi, I can’t understand how to add your site in my rss reader. Can you Help me, please
April 13th, 2010 at 11:27 am
I wanted to thank you for this interesting I definitely loved every little bit of it. I have you bookmarked your site to check out the latest stuff you post.
April 13th, 2010 at 1:35 pm
Thanks dude, this is very nice info, appreciated.
April 13th, 2010 at 3:53 pm
nice article thx
April 13th, 2010 at 6:29 pm
thanks very much, I must say your site is brilliant!
April 14th, 2010 at 7:36 am
I have found this article very interesting. It’s a beautifully written article. The write has gathered and arranged information in a brilliant fashion. The beauty of this article is in its language and verbosity. The subject of this article is also very capturing.
April 14th, 2010 at 3:05 pm
Anyhow maintain up the very good function.
April 15th, 2010 at 7:10 am
Appreciation for this particular important write-up! I should say also have got a web site and i am thinking, where can i acquire such fantastic theme similar to yours?
April 17th, 2010 at 11:55 am
Não gosto de qualquer estilo de site, mas o seu me chamou a atenção. É muito bom e sei que você está trabalhando.
April 17th, 2010 at 10:29 pm
Blogar com classe é uma virtude de poucos internautas e webmasters. Você tem essa qualidade e a transmite em seu blog! Continuando assim, será grande sucesso!
April 18th, 2010 at 7:16 pm
it may not be probably the most exciting publish ever, but it is a crucial one
April 18th, 2010 at 7:20 pm
I like to read your blog a couple times a week for new entries. I was wondering if you have any other niches you write about? You’re a very interesting writer!
April 19th, 2010 at 3:08 am
Coloquei sua matéria nos meus favoritos e estou aguardando novidades!
April 19th, 2010 at 4:35 pm
I enjoy visiting daily to see your thoughts. I have your page bookmarked on my daily read list!
April 20th, 2010 at 10:47 pm
My own money situation are in frightening need of a shake up and you’ve helped.
April 21st, 2010 at 5:14 am
excellent article,but i have some difficulty in understanding the last section, can you please make it clear a little bit more?
April 21st, 2010 at 7:16 am
Our financial situation are in frightening necessity of a review and you have helped.
April 21st, 2010 at 10:31 am
The Kreg Jig takes advantage of a technique called Kreg Joinery. Unlike other techniques, Kreg Jig requires no glue, no complicated math, and no small army of clamps to make wood joints that will last.
April 21st, 2010 at 6:33 pm
I like to check out your blog a couple times a week for new readings. I was wondering if you have any other topics you write about? You’re a very interesting writer!
April 21st, 2010 at 7:58 pm
Kudos from one brainiac to another.
April 21st, 2010 at 10:02 pm
Fine post, I found your blog while I was doing a research on the internet.
April 22nd, 2010 at 7:17 pm
I don’t almost always reply to posts however I’ll in this case. WoW
April 22nd, 2010 at 10:26 pm
I recently came accross your website and have been reading along. I thought I would leave my very first comment. Nice blog. I will keep visiting this site very frequently.
April 23rd, 2010 at 4:23 pm
I read your blog all the time and I just thought I’d say keep up the terrific work!
April 23rd, 2010 at 4:46 pm
Because of reading your blog, I decided to write my own. I had never been interested in keeping a blog until I saw how interesting yours was, then I was inspired!
April 23rd, 2010 at 11:41 pm
I’d like to include stock volatility as a selection criteria as well as fo r instance beta. Is there somewhere I can get a list of FTSE 100 stocks and their volatilities, for eg 1 yaer? If I work it out for myself it will take me all week. Is there a website with this available?
April 25th, 2010 at 1:05 pm
There is obviously a lot to know about furniture. I think you have some good points in everything also.
April 26th, 2010 at 5:21 pm
Make Money Online. Work at home and get paid to take Surveys.
April 29th, 2010 at 4:43 am
You produced some great things there. I did a search about the topic and discovered most people will agree with your weblog.
April 29th, 2010 at 9:56 am
Wow..very good…Nice blog and well updated…
April 29th, 2010 at 11:47 am
Blogs Very informative article. I’ve found your blog via Yahoo and I?m really glad about the information you provide in your posts. Thank You for sharing this very informative article… Regards
April 29th, 2010 at 7:49 pm
Hello. Great job. I did not expect this on a Wednesday. This is a great story. Thanks!
April 30th, 2010 at 5:43 am
A cool take on this you have, whereas I don’t believe almost everything that is said I can see your case.
April 30th, 2010 at 10:32 am
SomeThat’s great information thanks. Any body know of a affordable search engine marketing company who will not do a sub-standard job? I have got sooo much search engine marketing to do and not enough time… Time to pay someone to help!!
April 30th, 2010 at 4:26 pm
Hi there, awesome site. I thought the topics you posted on were very interesting
April 30th, 2010 at 11:45 pm
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post
May 2nd, 2010 at 10:34 am
Hey may I use some of the insight found in this blog if I link back to you?
May 3rd, 2010 at 8:59 pm
Hey, It is great to stumble upon a good website like this one. Do you mind if I use some of the info here, and I’ll put a link back to your site?
May 4th, 2010 at 7:53 am
Thank you for taking the time to publish this. I understand where you are originating from with this article nonetheless I believe we now have even better avenues.
May 4th, 2010 at 8:16 am
When was the last time you were driving down the digital highway and felt like you were shot by words?
May 4th, 2010 at 4:57 pm
Very nice site!