Types of Mortgages

There is a type of mortgage to fit just about everyone's needs.  The most common mortgages are:


Fixed Term Length:       15-year, 30-year, 40-year and even a 50-year!

ARM (Adjustable Rate Mortgage):  1-year, 3-year, 5-year, 7-year

Down Payments:  20% (standard), 10%, 5%, 3%, and even ZERO!

Payment Types:      PI (principal and interest); PITI (principal, interest, property tax and hazard insurance)

Frequency:  Monthly, Bi-weekly

Other things to take into consideration that affect the cost of the loan include:
  • Interest Rate
  • Discount Points
  • Application Fees
  • Loan Servicing Fees
  • Appraisal Fees
  • Credit Report Fees
  • Warehousing Fees
  • Attorney Fees
  • PMI Fees

Your credit score (FICO), financial situation and the time you plan on living in the house will determine which
mortgage programs best fit your needs. Talking with a professional Loan Officer is the best way to determine
the best mortgage. Also, once you've determined which type of mortgage works for you, it's advised to shop
around and negotiate to get the best rates.
Loan Officer Referrals
If you don't know who to contact to help you get pre-approved before you begin the process, give Kathy a
call. She's happy to highly recommend a few experienced loan officers she's worked with in the past to
help you get started.
Copyright 2007 Kathy MacKenzie,
All Rights Reserved
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