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All About MortgagesArticles & Calculators - Get Started Now!
Mortgage Glossary
Calculators How Much Can You Afford? Saving For The Down Payment How Mortgage Loans Work Your Credit History When To Pay Points Understanding Different Types of Loans Refinancing The Length of Your Mortgage Adjustable Rate Mortgages Closing Costs Loan Types
Home loan plans fall into 2 simple categories: fixed-rate loans,and adjustable-rate mortgages.
Fixed-rate mortgages have interest rates that don't change during the life of the loan. The interest rate on an adjustable-rate mortgage (ARM for short) adjusts every six to 12 months, or every month, depending on the terms of the loan. When interest rates fall, the ARM interest rate usually falls, but the opposite is true when interest rates increase.
FHA, VA, Fannie Mae, and Freddie Mac loans
There are programs available to help people purchase a home with less than 20 percent down. These include FHA (Federal Housing Administration) loans, VA (U.S. Department of Veterans Affairs) loans, Fannie Mae and Freddie Mac loans, and conventional low down payment mortgages.
For information on FHA loans, see the U.S. Department of Housing and Urban Development's web site here. For information on VA loans, look here. Fannie Mae (Federal National Mortgage Association) is a congressionally chartered secondary-mortgage market company that buys loans from private lenders. For information on Fannie Mae loans, see their site. Freddie Mac (Federal Home Loan Mortgage Corporation) purchases mortgage loans from savings and loans, mostly. For information on Freddie Mac loans, see Freddie Mac's website.
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