Mortgage Loan Types
Choosing a mortgage loan should seem like a straightforward process; you borrow money from a bank for a specified amount, for a set period of time, and pay it back. However, getting a loan you feel comfortable with -- one that’s flexible during good times and bad -- can be a challenge.
Mortgage loans basically fall into one of two categories: government or conventional. Government loans are normally insured by the Federal Housing Administration (FHA) or the Veteran’s Administration (VA). Some offer lower down payments and most offer favorable terms.
