Fixed Rate Mortgages
The most common type of mortgage program where your monthly payments for interest and principal never change.
Adjustable Rate Mortgages (ARM)
These loans begin with an interest rate that is lower than a comparable
fixed rate mortgage, but the rate changes at specified intervals.
Reverse Mortgages
A Special type of loan made to older homeowners (typically 62 +) to
enable them to convert the equity in their home to cash to finance other
needs.
Interest Rate Buydowns
The buyer would pay points above current market points in order to pay a
below market interest rate during the first two years of the loan. At
the end of the two years they would then pay the old market rate for the
remaining term.