Tuesday, January 19, 2010

Home Mortgage Loans - Some Basics

Buying a home is one of the biggest investments you will ever make. In addition to finding the right home at the right price, you also need to find the right home mortgage financing.

Whether you are a first-time homebuyer or a seasoned investor, finding the right mortgage loan can be a difficult process.

Where should you start to look for a mortgage loan ?

What is the right mortgage loan for me?

Who has the best rates on mortgage loans ?

The right mortgage loan for you will often vary based on your particular situation and your financial goals.

There are many mortgage loan options available:

Fixed rate mortgage loans - Lock in a low fixed rate that is guaranteed to never change. Popular terms include 15, 20, 30, and 40-year loans.

Adjustable mortgage rate loans - Flexible loan terms for your short-term goals.

FHA mortgage loans -Guaranteed by the government, FHA loans offer low down payment options and more flexible guidelines than traditional mortgages.

Low down mortgage payment loans - Buy property with less than 20% down.

Vacation and investment mortgage loans -Loans specialized for the mortgage investor.