Types of Arizona Mortgage Home Loans
Adjustable Rate Mortgage (ARM): A mortgage which begins with a low interest rate, fixed for a specified initial period of the loan term, then "adjusts" at specified intervals during the remainder of the loan term. Adjustments are based on an "index" (the value of which can change over time) plus a "margin." The index plus the margin determine the fully adjusted rate, which is typically subject to certain limits (ceilings and floors). These limits are referred to as "caps."
Fixed Rate Mortgage: A mortgage with monthly payments that remain the same throughout the life of the loan because the interest rate is fixed.
FHA 203K Loan: This mortgage can be used for the rehabilitation and repair of 1-4 Family, owner occupied, properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
FHA Mortgage: A mortgage for which the lender is insured against loss by the Federal housing Administration, with the borrower paying the mortgage insurance premium. The major advantage of an FHA mortgage is that the required down payment is very low, however, the maximum loan limit is also low.
VA Mortgage: A mortgage for which the lender is insured against loss by the Veterans Administration. The primary advantage of such a mortgage is that the borrower can put little or no money down. While the maximum loan limit is greater than that of an FHA mortgages, the borrower still needs to pay the mortgage insurance premium. Only Veterans are eligible for this type of mortgage.
Balloon Mortgage: A mortgage which typically offers low, fixed rate payments as though the mortgage was scheduled on a 30 year term. But instead, the loan has a shorter term (for example, 5, 7 or 10 years) which ends with a single large payment (a "balloon payment") for all the remaining principle. Some Lenders is an experienced mortgage loan officer who can assist Arizona home buyers in obtaining the mortgage best suited for their needs.
For details, please contact us here.
Fixed Rate Mortgage: A mortgage with monthly payments that remain the same throughout the life of the loan because the interest rate is fixed.
FHA 203K Loan: This mortgage can be used for the rehabilitation and repair of 1-4 Family, owner occupied, properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
FHA Mortgage: A mortgage for which the lender is insured against loss by the Federal housing Administration, with the borrower paying the mortgage insurance premium. The major advantage of an FHA mortgage is that the required down payment is very low, however, the maximum loan limit is also low.
VA Mortgage: A mortgage for which the lender is insured against loss by the Veterans Administration. The primary advantage of such a mortgage is that the borrower can put little or no money down. While the maximum loan limit is greater than that of an FHA mortgages, the borrower still needs to pay the mortgage insurance premium. Only Veterans are eligible for this type of mortgage.
Balloon Mortgage: A mortgage which typically offers low, fixed rate payments as though the mortgage was scheduled on a 30 year term. But instead, the loan has a shorter term (for example, 5, 7 or 10 years) which ends with a single large payment (a "balloon payment") for all the remaining principle. Some Lenders is an experienced mortgage loan officer who can assist Arizona home buyers in obtaining the mortgage best suited for their needs.
For details, please contact us here.
New $100 down payment FHA & HUD home buyer incentives makes homeownership more affordable. 
The FHA 203k mortgage can be used for the rehabilitation and repair of 1-4 Family, owner occupied, properties.
Did you know there are still some great mortgage programs available to first time home buyers?