A conventional loan is a mortgage that is not guaranteed or insured by any government agency. Conventional loans can have better interest rates than non-conventional loans and can be a great option for those with a 20 percent down payment. However, even if the borrower does not have a 20 percent down payment, it is still possible to get a mortgage. By putting less down and accepting a possibly higher interest rate, the borrower can still get financing through a non-conventional loan.
Reverse mortgages are all about making the most of the equity acquired in a home. This popular home loan was created specifically for senior homeowners and is supported, and encouraged by their adult children. It allows the owner to borrow against the equity established in the home without having to repay the loan for as long as the owner lives in and maintains the home. Instead of making monthly mortgage payments, the homeowner receives them. This type of loan is not repaid until the owner dies, sells the house, or moves out permanently. Reverse mortgages can potentially help homeowners stay in their home, and still meet their financial obligations.
Construction loan is a short term interim loan to pay for the construction of homes. This loan is usually designed to provide periodic disbursements to the builder as he or she progresses.
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