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A mortgage is a loan provided by a bank or a mortgage lender that is secured by an immovable property, where the lenders take advantage of the property owned by the borrower in exchange for the funds that are to be paid off completely over a time frame.
Whenever you approach a lender to get a mortgage loan, it is better to know about the available mortgage programs priorly.
The types of mortgage:
- Conventional fixed-rate mortgages – The interest rate remains the same throughout the life
- VA loan – It is guaranteed by the U.S. Department of Veteran Affairs to help veterans and active-duty military members
- FHA loans – it has lower mortgage insurance rates than conventional and a lot more benefits
- USDA loans – It is backed by the U.S. Department of Agriculture for rural home buyers with low to moderate-income
- Balloon Mortgages – It lasts for a much shorter term and acts like a fixed-mortgage loan
- Rental Property Loans and loans on vacation home – requires a larger down payment and has a higher level of risk for lenders
- Visit the Website- TopLenderRates.com
- Get started by selecting the type of loan (Home Refinance or Home Purchase) to see the rates.