Specialized Mortgage Loans: Types Of Mortgage Product Available

1. Specialized Mortgage Loans: Types Of Mortgage Product Available There are various types of mortgage products available in market, which helps in determining which type of loan is best suitable for you. You can take a look at following types to select best mortgage rates, Delaware for your purpose. Jumbo Mortgage It refers to mortgage type wherein a property must exceed the value of $417,000 to be considered under the section of jumbo loan. The interest rates are generally higher. Under jumbo loan, both fixed and adjustable interest rates are available. VA Mortgage This is a special type of mortgage exclusively available to members of United States armed forces. There is no requirement of down payment in it. Paperwork as well as time taken in the process can also be reduced with the help of streamlined option. Conventional Mortgage The most common and basic type of mortgage which meets the credit standards of most lenders is the conventional mortgage. The maximum amount to be lent under this type is $417,000. They generally have a lower interest rate and are considered as one of the best mortgage rates, Delaware.

2. FHA Mortgage FHA mortgage gets its name from Federal Housing Administration, which insures such mortgage. FHA loans have comparatively easier standards and lower down payments. Streamlined option is also available for FHA mortgage as well. You can choose for fixed and adjustable rates under it too. Subprime Mortgage Such loans are meant for people who have blemished credit. The interest rate is highest as compared to any other mortgage type. Such loans also come with prepayment penalty if the loan is paid off earlier than the decided period. Source URL: https://bit.ly/2QyqFnt