Mortgage and Real Estate Blog

When it comes to getting a mortgage, you have three different types of mortgages available. You can get a fixed rate mortgage, an FHA Renovation Mortgage, or a reverse mortgage. Do you know the difference?

Here’s a brief definition of each type of mortgage and if you have any further questions about which type of mortgage might be right for you, you’ll want to talk to a professional mortgage broker right away.

• Fixed Rate Mortgage - This is the most common type of mortgage on the market today. Your interest rate is fixed and stays the same over the course of the life of your loan. The lender is insured for the amount of the mortgage in case the borrower defaults.
• FHA Renovation Mortgage - This type of mortgage allows homeowners to borrow money to renovate their home. You can borrow up to 110% of the estimated repair costs. Your minimum loan amount is $5,000 and there are some restrictions.
• Reverse Mortgage - For seniors age 62 and over who are ready to downsize, but aren’t prepared for a conventional loan.

Find out which type of mortgage is right for you.

This entry was posted on Monday, August 11th, 2008 at 9:56 am and is filed under Michigan Mortgage, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.