With the plethora of loan programs expanding every year, borrowers are finding themselves faced with decisions about what loan type is best for their individual situation. The potential for difficulties and confusion is significant, and it is for this reason that borrowers seek to educate themselves about the various types of mortgages and their features before committing to any contract.
If a borrower is seeking stability and consistency, the safest type of loan contract is the traditional 30-year fixed mortgage. With this loan, the borrowers payment and interest rate does not change for the entire duration of the loan. The payment will be predictable and the borrower does not need to concern himself with potential changes in the real estate marketplace or the economy.
However, the 30-year fixed mortgage may not be attractive to the more sophisticated buyer, or to the buyer with less disposable income. These individuals often choose ARMs, Interest Only loans, or Balloon loans. All three of these loans have their own unique set of characteristics that make them attractive, but each of these loan types carry the potential for confusion and significantly higher...
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