3 Types of Mortgages

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Part of the video series: How to Obtain a Mortgage

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Summary: Government-guaranteed loans are the most popular mortgage loans. Learn which mortgage loan is best for you in this free personal finance video from a loan officer and mortgage closing specialist.

Views: 520 | Tags: real, estate, bank, interest, loans, mortgages, loan, officer

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About the Expert

Sherry Berrier Sherry Berrier worked for major banks such as Bank of America for seven years as a loan officer specializing in mortgages. She has since opened her own mortg... read more

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Video Transcript

3 Types of Mortgages

The type of plan that is right for you will depend on your personal situation and preference. Most commonly, the type of loans that people obtain are government guaranteed loans or your conventional fixed and ARM rate loans. ARMs are adjustable rate mortgages. Many home buyers try to qualify for the government guaranteed loans, initially, like the FHA and the VA because these loans offer lower down payments and lower interest rates. Fixed rate mortgages are attractive to home buyers who plan to be in their homes for a long period of time. The interest rate remains the same for the life of the loan. The adjustable rate mortgage (ARM) is attractive to home buyers who plan to be in there only 5 to 7 years. The interest rates on this mortgage will fluctuate, but oftentimes, you may get a fixed rate for the 1st, 3rd, 5th or 7th year of the loan and then it fluctuates after that. So, when you are looking for a type of loan, it's best just to decide if you qualify for FHA or VA. Oftentimes, lenders will not bring up the FHA because it's a difficult loan to process, but it has many benefits and could save you a lot of money.