It is very important to keep in mind the various types of loans available. Understanding your specific needs will make a world of difference when searching for the right information. For instance, among the various loan types, you may run across names such as; Piggyback Loans, CODI Loans, 80/20 loans, Self Employed Refinance, the list goes no and on. The important thing is to have an open mind as to what type of loan suits your particular financial situation. Click here if you'd like to have a personal consultation with a specialist to explain all the details.

FHA Loans
The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams.

Fixed Rate Mortgages
With a fixed rate mortgage loan the interest rate and your mortgage monthly payments remain fixed for the period of the loan. Fixed-rate mortgages are available for 40, 30, 25, 20, 15 years and 10 years. Generally, the shorter the term of a loan, the lower the interest rate you could get. The most popular mortgage terms are 30 and 15 years. With the traditional 30-year fixed rate mortgage your monthly payments are lower than they would be on a shorter term loan. If you can afford higher monthly payments a 15-year fixed-rate mortgage allows you to repay your loan twice as fast and save more than half the total interest costs of a 30-year loan.

Interest Only Loans
The loan product commonly called 'Interest Only Mortgage' is an interest-only payment option which is offered on fixed rate (FRM) or adjustable rate (ARM) mortgages. Interest only payments are often an option with Pay-Option ARM loans. The option to pay 'interest-only' lets you pay only the interest portion of your monthly payment for a fixed period (three, five, seven or ten years). At the end of that period your loan becomes fully amortized, thus resulting in increased monthly payments. Your new payment will be larger than it would have been if it had been fully amortizing from the beginning. The longer the interest only period, the larger the new payment will be when the interest only period ends. However, there are many situations where this type of loan is recommended. It all depends on your overall financial goals. To get advice based on your personal circumstancesClick here.

Adjustable Rate Mortgages
Adjustable Rate Mortgage or ARMs are appealing because they usually offer a low initial interest rate and payment. Adjustable loans are also worth considering if you plan to be in your home a short time. For the borrower, this means you can qualify for a larger mortgage loan. Furthermore, at times when rates are falling the borrower can take advantage of the lower interest rates without the refinancing their mortgage. With an Adjustable Rate Mortgage - ARM, your monthly payment may change frequently and significantly over the term of your loan. You'll have to decide if you can afford to take this route and if you can stomach it. Some borrows find the concept of varying interest rates a bit scary, others are willing to take the risk. Consulting with an experienced professional will help you make a more informed decision.

Debt Consolidation Loan